Hello and welcome to News BTC’s Market Outlook Aug 23.
Bitcoin fell rather rapidly during the session on Tuesday, breaking down to the vital $3600 level. That is an area that is massively supportive, and if we were to break down below there, the market would go much lower. We have bounced back to the $4000 level above, an area that is massively supportive. Ultimately, I believe that the market needs to clear the $4100 level to start buying again. If not, the market will probably have a bit of a negative bias to it in the short term.
Bitcoin fell against the Japanese yen as well, testing the ¥400,000 level. The ¥440,000 level offers a significant amount of resistance going to the ¥460,000 level, so it’s not until we break above there that buying makes sense. In the short term, we may get a little bit of a drift lower.
Thanks for watching, I’ll see you again tomorrow.