Hello and welcome to News BTC’s Market Outlook May 25.
Bitcoin rally during the day again on Wednesday, as we have broken towards the 2400 level. A pullback from here should continue to see buyers, and therefore a “buy on the dips” situation remains, and it now looks as if the market may be aiming for the $2500 level. We are overbought by just about any metric you can measure it by, so pullbacks are likely. Pullbacks should offer value though.
Bitcoin continues to rally against the Japanese yen, as the market has broken well above the ¥300,000 level, making a fresh, new high. A break above the top of the range for the session should send this market even higher, and therefore it’s likely that the buyers will return every time we pull back. The market has been overbought for some time, so look for pullbacks to pick up a value. Buying at this level is simply “chasing the trade.”
Thanks for watching and see you again tomorrow.