Hello and welcome to News BTC’s Market Outlook Aug 31.
BTC/USD
The Bitcoin markets were reasonably quiet during the session on Wednesday, as we find ourselves awaiting the jobs number. Ultimately, looks as if the Bitcoin markets are still very much in an uptrend, and the $4500 level has offered support. So, I am looking to buy dips continues to be the way forward, with the “floor” in the market being at 4200.
BTC/JPY
Bitcoin was quite against the Japanese yen as well, as we continue to hover around the psychologically important ¥500,000 level. Given enough time, the market should continue to find buyers, and at this point in time it looks like a market that is trying to build up enough momentum to continue the longer-term uptrend. Selling is all but impossible.
Thanks for watching, I’ll see you again tomorrow.