Hello and welcome to News BTC’s Market Outlook Aug 22.
ETH/USD
Ethereum exploded to the upside during the session on Monday, clearing the resistance level at the $312 level, and reached towards the $345 level. The market is up over 15% as I write this, so if you’re not in now, you would be wise to wait for some type of pullback. Obviously, there is a lot of bullish pressure here, and I think that we should find support near the $320 level below on the pullback.
ETH/BTC
Ethereum exploded against Bitcoin as well, and even pulled back to find support at the 0.078 level. I think that level is now support on pullbacks that you can take advantage of, and chasing the trade at this point I believe is dangerous. These moves typically have massive pullbacks given enough time, and waiting on that could be very profitable.
Thanks for watching, I’ll see you again tomorrow.