Hello and welcome to News BTC’s Market Outlook June 8.
Ethereum initially fell during the day on Wednesday, but found enough support underneath to turn things around and form a bit of a hammer. The hammer is a bullish sign but we are getting a bit overbought. I would prefer to see a deeper pull back to pick up value in this market as it has certainly gone ahead of itself at this point. Clearly, selling is all but impossible.
Ethereum looks healthy against Bitcoin, as the 0.085 level has offered support. It now looks as if we are ready to start going higher again, continuing the longer-term uptrend. This is a market that should go looking for the 0.11 level, and then eventually the 0.12 level after that. We have seen a bullish run as of late, and it now looks as if we are building up momentum to try to reach to higher levels.
Thanks for watching and see you again tomorrow.