Hello and welcome to News BTC’s Market Outlook Aug 17.
Bitcoin went sideways during the session on Wednesday, as the 4000 level continues to offer support. I believe that the market needs to gather its wits for a while, and I think that we will have a reasonably quiet move next. However, the Federal Reserve releases its meeting minutes, and that could cause a bit of volatility in the US dollar itself. Ultimately, I expect to see massive support near the $3800 level as well.
BTC/JPY did very little during the day on Wednesday, as we continue to grind sideways overhears well. I believe that the market needs to catch his breath, but a break above the ¥470,000 level would be a signal to start buying again as we could go back to ¥500,000 after that. Currently, the ¥440,000 level looks to be massively supportive.
Thanks for watching, I’ll see you again tomorrow