BTC/USD and BTC/JPY Technical Analysis May 16, 2017

newsbtc

Last Updated: June 11, 2024 1:20 pm

1 min read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Hello and welcome to News BTC’s Market Outlook May 16.

BTC/USD

Bitcoin initially fell against the US dollar on Monday but found the $1700 level to be supportive enough to turn things around. Because of this, I believe that we are still in an area of consolidation, trying to pick up momentum to break out to the upside. Pullbacks continue to be value going forward. I see significant support at the $1500 level below as well.

BTC/JPY

The coin initially fell during the session on Friday against the Japanese yen as well, but the market is clearly in an uptrend. Value hunters entered the market and started buying again, as we continue to hover near the ¥210,000 level. I believe that there is a significant floor in this market near the ¥180,000 level, and therefore pullbacks continue to be value.

Thank you for watching and see you again tomorrow.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.