Hello and welcome to News BTC’s Market Outlook May 30.
Bitcoin rallied against the US dollar on Monday, using the $2100 level as support. However, the $2300 level is also offering significant resistance. Overall bias of course is to the upside, so short-term dips will continue to attract buying. A break above the $2300 level should free this market to go looking towards the $2500 level yet again.
Bitcoin had a very quiet day against the Japanese yen, essentially treading water. It looks as if the ¥250,000 level it’s going to be supportive, while the 280,000 level above may be resistant. Because of this, break above the ¥280,000 level should send buyers back into the market and drive more upward pressure in what is obviously a very bullish market longer term.
Thank for watching and see you again tomorrow.