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