Hello and welcome to News BTC’s Market Outlook May 05.
Bitcoin markets rallied again on Wednesday, as we continue to find buyers. The market should continue to find buyers every time we pull back, and therefore I am very bullish. Looking at short-term charts should give us an opportunity to take advantage of what has been a very reliable moved to the upside. Selling is all but impossible at this point, and buying dips repeatedly will continue to be the way to trade the Bitcoin market.
The Japanese yen was sold off rather aggressively in the currency markets, so obviously, Bitcoin shot straight up against it. Because of this move, we are getting a little bit overbought, so I prefer to wait for some type of pullback. However, we currently have not had much of one, so that means the correction could be somewhat strong. Nonetheless, I would not short that move, I would wait for a bounce off a large, round number to take advantage of the move.
Thanks for watching and see you Monday.