Hello and welcome to News BTC’s Market Outlook May 03.
Ethereum continues to try to grind to the upside but quite frankly we are bit exhausted. Pullbacks should offer buying opportunities and at this point I suspect that it’s probably time for that to happen. The $68 level should be massively supportive, as well as the $72 level above there. I have no interest in shorting, this is a market that seems to be rather well supported, but currently it looks likely that the markets need to build up more momentum.
Ethereum fell against Bitcoin during the session as well, testing the 0.05 level. There seems to be a significant amount of support down to the 0.04 handle, so I’m waiting to see a bounce to go long. I don’t have any interest in shorting, we are far too low to make any real money doing that. I believe longer-term we will rally, but Bitcoin itself seems to be rather strong.
Thanks for watching and see you again tomorrow.