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BTC/USD and BTC/JPY Technical Analysis May 31, 2017

newsbtc
newsbtc
1 year ago
1 min read
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Hello and welcome to News BTC’s Market Outlook May 31.

BTC/USD

Bitcoin rallied during the day on Tuesday against the US dollar after initially falling and testing the $2200 level for support. That area caused enough of bounce to form a hammer, and the hammer of course is a bullish sign. On a break above the range for the day, it’s likely that the market will then break above 2400 and go much higher. I also believe that pullbacks continue to offer buying opportunities.

BTC/JPY

The coin did very little against the Japanese yen as we continue to grind sideways overall. However, there is a significant floor being formed underneath, and once we can break above the ¥280,000 level, it’s likely that the market will then go to the ¥300,000 level, and then beyond. Selling is all but impossible.

Thanks for watching and see you again tomorrow.

 

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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