Hello and welcome to News BTC’s Market Outlook May 24.
Bitcoin rallied again on Tuesday, breaking above the $2100 level, and reaching towards the $2200 level. It is obvious to me that we are going to continue to see buyers, and that the $1900 level underneath should be the “floor.” Pullbacks offer value on short-term charts, but we are overextended so sooner or later we will have to pull back.
Bitcoin rallied against the Japanese yen as well, touching the ¥300,000 level. The market looks as if it is trying to break out again, so a fresh, new high should be another buying signal. Alternately, if we pull back, I would be looking for support of candles on short-term charts to take advantage of value. There is absolutely no way to sell this market currently as it looks far too bullish.
Thanks for watching and we’ll see you again tomorrow.