BTC/USD and BTC/JPY Technical Analysis Aug 16, 2017

newsbtc

1 year ago

1 min read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Hello and welcome to News BTC’s Market Outlook Aug 16.

BTC/USD

The BTC/USD pair initially tried to rally on Tuesday but then started to fall apart as the US dollar continue to strengthen overall. This was due to stronger than anticipated retail sales, which ups the possibility of a rate hike. Because of this, the US dollar strengthening is of course working against the value of the market. It now looks as if were going to go down and try to find support. I think there is a significant amount of support between the 4030 800 levels, so if we can stay in that range, it should be very positive for Bitcoin. However, if we break down below 3800 that could be a very negative sign.

BTC/JPY

Bitcoin fell against the Japanese yen as well, but seems to have a significant amount of support between the ¥450,000 level, and the ¥440,000 level. I think it’s more likely that we will see a bounce in this pair than the BTC/USD pair, because of course Japan does not look likely to raise interest rates anytime soon.

Thanks for watching, we’ll see you again tomorrow.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.