Hello and welcome to News BTC’s Market Outlook September 15.
Bitcoin fell a bit during the day yet again on Thursday, as fears of a Chinese crackdown on crypto currencies continue. The $3800 level above should offer resistance, as we have seen significant support there previously. If we rally at this point, some type of exhaustive candle should be and I selling opportunity. If we were to break above the $3800 level, I might consider buying, but until then I would be a bit suspicious.
Bitcoin fell precipitously against the Japanese yen as well, breaking below the ¥400,000 level. Because of this, I think that the bearish pressure may continue, and Bitcoin seems to be ready for a major pullback. With fears of a Chinese crackdown, it makes sense that very little will be needed to scare this market. We are certainly seen a massive amount of selling pressure, and it’s not until we break above the ¥430,000 level that I would be interested in buying.
Thanks for watching, all see you again on Monday.
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