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Hello and welcome to News BTC’s Market Outlook September 18.
Bitcoin had a volatile session on Friday, initially rallying, but then fell towards the $3000 level. This major area has offered support, as it is a large, round, psychologically significant number, and is also the 50% Fibonacci retracement level from the longer dated move. That being the case, looks as if the buyers are coming back in and a break above the $3500 level would confirm that we have tried to form the bottom. In the meantime, if 3000 can hold, dips could be bought as well.
Bitcoin also had a very choppy session against the Japanese yen, but it looks as if were trying to form a base over here as well. ¥300,000 looks to be the floor, so I think that short-term dips that will almost certainly occur are looking to be potential buying opportunities as Bitcoin finds its footing again.
Thanks for watching, I’ll be back tomorrow.