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.