Hello and welcome to News BTC’s Market Outlook May 03.
Bitcoin rally during the session on Tuesday, breaking above the $1400 level. We are now at all-time highs, and it appears that the market is still a “buy on the dips” type of proposition. However, keep in mind that the $1500 level will have a certain amount of psychological resistance built in. Because of this, waiting for short-term pullbacks will probably continue to be a good buying strategy in this market.
Bitcoin of course rallied against the Japanese yen as well, touching the ¥168,000 level. Because of this, I believe that this market is going to continue to see bullish pressure and looking at short-term charts for pullbacks will continue to offer value. As Bitcoin rises against the Japanese yen, I believe that we will go looking for the ¥170,000 level next. Currently, I believe that the ¥160,000 level should be supportive.
Thanks for watching and see you again tomorrow.