Hello and welcome to News BTC’s Market Outlook June 16.
BTC/USD
Bitcoin continues to sell off against the US dollar, reaching as low as $2200 during the day on Thursday. The market looks as if it is going to test the 2000 level by the time it said and done, and as a result it’s very difficult to jump in and start buying here. I would need to see some type of supportive candle to do so. Clearly the sellers are in complete control of the market as the bubble is starting to pop.
BTC/JPY
Bitcoin fell against the Japanese yen and as I write this is testing the bottom of a massive hammer from the previous session. That is an extraordinarily negative sign, and it looks as if we are going to continue to go lower from here, perhaps reaching towards the ¥240,000 level. Ultimately, this is a market that cannot be bought, least not until stability returns.
Thanks for watching, see you again on Monday.
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.
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