Hello and welcome to News BTC’s Market Outlook May 12.
Bitcoin rallied again during the session on Thursday, breaking the psychologically significant $1800 level, and reached towards the $1900 level. This is clearly a “buy on the dips” type of situation, although we are bit parabolic. Explosive moves that happen like this tend to pull back rather violently, so be prepared. However, that pullback only offered value.
Bitcoin fell against the Japanese yen initially, but found enough support at the ¥210,000 level to turn around and form a hammer. This market looks as if it is ready to continue going higher, and the ¥210,000 level should now act as support as we formed a hammer there. Even if we broke below there the ¥180,000 level should also be supportive.
Thanks for watching and see you again tomorrow.