Hello and welcome to News BTC’s Market Outlook July 11.
BTC/USD
Bitcoin fell a bit during the Monday session, in rather quiet trading. It appears that the $2400 level continues to offer support, but we are starting to form an descending triangle, which is a bearish signal. It’s likely that we may try to break down below the $2400 level, and go looking for lower levels. If that’s the case, I suspect that the next major support level is $2200, followed by $2000.
BTC/JPY
Bitcoin also fell against the Japanese yen as you would expect, and it now looks like we are going to go looking towards the ¥280,000 level for buyers. If the market breaks below there, I believe that we will then go to the ¥260,000 level. The ¥300,000 level just above continues to offer significant resistance.
Thanks for watching, we’ll see you again tomorrow.
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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