BTC/USD and BTC/JPY Technical Analysis May 02, 2017

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Hello and welcome to News BTC’s Market Outlook May 02.

BTC/USD

Bitcoin continues to rally against the US dollar, and we now have broken out to a fresh, new high. The clearance of the candle from the Friday session and of course the fresh, new high both are very bullish signs and it leads me to believe that the market is going to continue to grind much higher. Pullbacks on short-term charts should end up being buying opportunities.

BTC/JPY

This pair would’ve been a bit of a harbinger for the BTC/USD pair, as we had already broken out earlier in the day. Now we find ourselves above the ¥153,000 level, and more than likely will reach towards the ¥155,000 level relatively soon. Going to shorter-term charts and looking for pullbacks that show signs of support will be the easiest way to trade this market, and certainly selling cannot be done currently.

Thanks for watching and see you again tomorrow.