BTC/USD and BTC/JPY Technical Analysis May 22, 2017

newsbtc

Last Updated: June 11, 2024 1:22 pm

1 min read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Hello and welcome to News BTC’s Market Outlook May 22.

BTC/USD

The point finally broke out against the US dollar, clearing the $1900 level on Friday. It now looks as if there’s nowhere to go but up, and short-term pullbacks will continue to offer value. The psychologically important 2000 level is just above, and I believe that traders will be gunning for that level. Support should be found at the $1850 level, and several areas below there as well.

BTC/JPY

Bitcoin rallied against the Japanese yen as well, breaking well above the ¥231,000 level, and looking very much like a market that’s ready to go much higher. Pullbacks should be supported, and I suspect that the ¥215,000 level should now offer a bit of a floor in this market. This is a long only market, just as the BTC/USD pair is.

Thanks for watching and I’ll see you tomorrow

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.