Analysis

BTC/USD and BTC/JPY Technical Analysis May 29, 2017

Christopher Lewis | May 29, 2017 | 6:45 am
btcusd
Analysis

BTC/USD and BTC/JPY Technical Analysis May 29, 2017

Christopher Lewis | May 29, 2017 | 6:45 am

Hello and welcome to News BTC’s Market Outlook May 29.

BTC/USD

Bitcoin rallied against the US dollar again during Friday trading, as we continue to reach towards the $2700 level again. Short-term pullbacks continue to be buying opportunities as we have seen a massive amount of bullish pressure. Ultimately, this market is a bit overbought so expect at the very least consolidation, if not a pullback that you can take advantage of from a value perspective. Selling is all but impossible.

BTC/JPY

Bitcoin continues to chop around wildly against the Japanese yen but with an upward bias. It looks as if the buyers are returning during the day on Friday, but a pullback should only bring in more buyers given enough time. The market is in the extreme uptrend, and should continue to see bullish pressure over the longer term. It’s difficult to trade this market without feeling a bit queasy, based upon the volatility. However, buying still seems to be the only thing you can do.

Thanks for watching and see you again tomorrow.

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Get the app

Featuring live charts, price analysis, breaking news, currency converter and more. The only bitcoin app you need!

Google play logo

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.