Hello and welcome to News BTC’s Market Outlook May 17.
Ethereum tried to rally against the US dollar on Tuesday, but remained somewhat stagnant. I still see a significant amount of support below though, so selling isn’t a thought. If we do pull back, I expect to see support near the $85 level and we use that area to pick up more of a long position. Consolidation seems to be the theme throughout crypto currencies today, as we have had a strong run to the upside as of late.
Ethereum rallied against Bitcoin initially, but pulled back to form a slightly negative candle. We are currently treading water just above the 0.05 handle, and I believe that is essentially going to be “fair value” going forward, because of this, every time we dip towards the 0.04 level, I’m willing to buy this pair as I believe we are eventually during up for a larger move to the upside.
Thanks for watching and see you again tomorrow.