Hello and welcome to News BTC’s Market Outlook Aug 22.
Bitcoin found itself going sideways during most of the session on Monday, as we continue to hover just above the $4000 level. Because of this, I think we are in an accumulation phase, meaning that adding slowly is probably the best way to go, and move above the $4120 level could be the signal to the market that we are getting ready to reach towards the $4300 level above. I have no interest in shorting, I believe there is massive amounts of support down to the $3600 level.
Bitcoin fell a bit against the Japanese yen during the day on Monday, but continues to enjoy support near the ¥440,000 level. I think there is plenty of support below, so I think we will probably get a short-term bounce relatively soon. A break above the ¥460,000 level would be a nice buying signal, as it would show that we are picking up momentum.
Thank you for watching, I’ll see you again tomorrow.