BTC/USD and BTC/JPY Technical Analysis May 09, 2017

newsbtc

1 year ago

1 min read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Hello and welcome to News BTC’s Market Outlook May 09.

BTC/USD

Bitcoin tried to rally early on Monday, but continues to find the $1600 level to be rather resistive. Because of this, looks as if short-term pullbacks will continue going forward, and it makes quite a bit of sense as the move has been so impulsive. With this in mind, it’s difficult to start buying until we can clear the $1600 level on a daily close, or we find support at a lower level. Having said all that, I have no interest in shorting this market.

BTC/JPY

On the other end of the spectrum, the BTC/JPY market slammed into the ¥200,000 level. I think that area will cause a significant amount of resistance, but short-term pullbacks are buying opportunities. I also believe that the ¥180,000 level will now be the “floor” in the market, so short-term traders should be looking at opportunities to go long based upon short-term charts.

Thanks for watching and see you again tomorrow.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.