Hello and welcome to News BTC’s Market Outlook May 11.
BTC/USD
Bitcoin fell initially on Wednesday but found support underneath as buyers continue to get involved every time the market dips. The market now is approaching the $1750 level, and seems to have support at the $1600 level underneath. Because of this, I believe that pullbacks will only attract more buying, and of course will be healthy in a market that has gone a bit parabolic.
BTC/JPY
Bitcoin rallied against the Japanese yen, touching the ¥214,000 level. We are testing the highs again, and it’s more likely than not that we continue to go higher. Pullbacks continue to offer buying opportunities, and there should be a bit of psychological support near the ¥200,000 level. I also see a cluster of order flow near the ¥180,000 level, offering a couple of nice areas to buy dips from.
Thanks for watching and see you again tomorrow.