Hello and welcome to News BTC’s Market Outlook May 08.
Ethereum tried to rally during the day on Friday, but found far too much in the way of resistance above the psychologically important $100 level. Because of this, we ended up forming a candle that suggests we are going to drop. With this being the case, I think that the market is going to go looking for buyers underneath. I don’t have any interest in shorting this market, I believe somewhere around $90 we will start to see buyers reenter, and most certainly at the $85 level.
Ethereum fell slightly against Bitcoin, but at the end of the day it has broken out. Because of this, I believe that the market still offers a “buy on the dips” type of mentality, and certainly we have much more room to run to the upside in this market then we do against the US dollar. I remain bullish, but also recognize that this could be more of a grind than a massive move.
Thank you for watching and see you again tomorrow.