Hello and welcome to News BTC’s Market Outlook May 19.
The BTC/USD pair rallied on Thursday, testing the highs yet again. I think at this point in time we will continue to see buyers jump into this market and take advantage of value as it presents itself at lower levels. The market continues to see plenty of support near the $1700 level, so I think that as long as we can stay above there, the buyers will continue to push forward.
Bitcoin also rallied against the Japanese yen, as a continues to see buying pressure over the longer term. It looks as if a move above the recent highs is almost but assured at this point, so pullbacks should be buying opportunities below, and I believe that the ¥200,000 level will now offer a bit of a floor in this market, and therefore I have no interest in shorting this at all.
Thanks for watching and see you again on Monday.