Hello and welcome to News BTC’s Market Outlook May 10.
Bitcoin initially fell on Monday but turned around to show signs of real strength as the $1600 level has offered support. We are approaching the $1750 handle, and are overbought and parabolic by any stretch of the measure. Because of this, pullbacks will offer buying opportunities but buying up at these high levels is all but impossible.
The BTC/JPY pair did the same thing, breaking above the ¥200,000 level. We did pull back a little bit as we approach the ¥209,500 level, and are very much parabolic here as well. Waiting for pullbacks is probably the smartest thing to do one trading this market. Yes, the Japanese yen sold off again several other currencies around the world, which of course put more bullish pressure in this market, but clearly we are overbought.
Thanks for watching and see you again tomorrow.