Hello and welcome to News BTC’s Market Outlook May 05.
BTC/USD
Bitcoin markets rallied again on Wednesday, as we continue to find buyers. The market should continue to find buyers every time we pull back, and therefore I am very bullish. Looking at short-term charts should give us an opportunity to take advantage of what has been a very reliable moved to the upside. Selling is all but impossible at this point, and buying dips repeatedly will continue to be the way to trade the Bitcoin market.
BTC/JPY
The Japanese yen was sold off rather aggressively in the currency markets, so obviously, Bitcoin shot straight up against it. Because of this move, we are getting a little bit overbought, so I prefer to wait for some type of pullback. However, we currently have not had much of one, so that means the correction could be somewhat strong. Nonetheless, I would not short that move, I would wait for a bounce off a large, round number to take advantage of the move.
Thanks for watching and see you Monday.
