Hello and welcome to News BTC’s Market Outlook June 2.
Bitcoin had a strong showing against the US dollar, breaking well above the $2350 level and aiming towards the $2500 level after that. Because of this, looks as if the buyers are going to continue to jump into this market and pushed to the upside in general. Dips will offer buying opportunities as the $2300 level should offer a bit of support. Going forward, a return to the highs seems to be very likely.
Bitcoin also rallied against the Japanese yen but still faces resistance at the ¥280,000 level. A break above the top of the daily range should be a buying opportunity though, as the market should then go to the ¥300,000 level. Pullbacks continue to be supported near the ¥2500 level below. Ultimately, we are in an uptrend, in this market should be traded as such.
Thanks for watching, I’ll see you tomorrow.