Hello and welcome to News BTC’s Market Outlook June 5.
The coin was a bit flat during the Friday session as we are sitting at highs essentially. The 2400 level has been the beginning of resistance extending to the $2500 level above at the very least. Pullbacks of this point should be buying opportunities though, and the $2300 level underneath should be the beginning of those opportunities. Longer-term, but quite looks as if it is ready to go higher.
The ¥280,000 level continues to offer significant resistance in the BTC/JPY pair, but we are in a longer-term uptrend and there is obviously a significant amount of buying pressure underneath. Because of this, I still believe in the uptrend and believe that a break above the ¥280,000 level is a signal to start buying again, and once we get beyond the ¥300,000 level, the longer-term trend will continue.
Thanks for watching and I will see you tomorrow.