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