BTC/USD and BTC/JPY Technical Analysis May 26, 2017

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Last Updated: June 11, 2024 1:22 pm

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Hello and welcome to News BTC’s Market Outlook May 26.

BTC/USD

Bitcoin continues to march higher against the US dollar, as we have now broken the $2700 level. This market is the very definition of a parabolic market though, so buying up at this high level is going to be extraordinarily dangerous. If you are not long of Bitcoin already, you simply must wait for a pullback to pick up the value necessary to get involved. When we pull back, it could be very sudden, and very brutal.

BTC/JPY

Bitcoin rallied against the Japanese yen again, breaking towards the ¥340,000 level. The market is even more parabolic over here, and we are already starting to see a little bit of selling later in the day on Thursday. Because of this, I believe you may get your chance against the Japanese yen quicker than the US dollar. Look for support below, with the most obvious level being the ¥300,000 level, but I also see the ¥260,000 level as a potential candidate for a buying area as well.

Thanks for watching and see you again on Monday.

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