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