Hello and welcome to News BTC’s Market Outlook May 08.
The coin rallied again during the Friday session as we continue to press the $1600 level. I still suggest that perhaps we are a little bit overbought, so pullbacks will have to be the trade signals that you look for. When a market gets parabolic like glass, quite frankly the market tends to crash quite hard to find more support. Buying up here is simply “chasing the trade.” Having said that, if you are already long of this market, there’s no need to get out.
Bitcoin rallied against the Japanese yen as well, as we have broken above the ¥180,000 level. Because of this, I feel that the market is a little overbought as well, and short-term pullbacks will be needed in order to take advantage of the uptrend. Again, if you are already long in this market, there’s no need to get out though.
They for watching and see you again tomorrow.