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