Hello and welcome to News BTC’s Market Outlook May 11.
Bitcoin fell initially on Wednesday but found support underneath as buyers continue to get involved every time the market dips. The market now is approaching the $1750 level, and seems to have support at the $1600 level underneath. Because of this, I believe that pullbacks will only attract more buying, and of course will be healthy in a market that has gone a bit parabolic.
Bitcoin rallied against the Japanese yen, touching the ¥214,000 level. We are testing the highs again, and it’s more likely than not that we continue to go higher. Pullbacks continue to offer buying opportunities, and there should be a bit of psychological support near the ¥200,000 level. I also see a cluster of order flow near the ¥180,000 level, offering a couple of nice areas to buy dips from.
Thanks for watching and see you again tomorrow.