Hello and welcome to News BTC’s Market Outlook May 02.
DASH/USD
DASH rallied again during the session on Monday, reaching the $96 level. It now looks as if we are going to consolidate between the $90 level on the bottom, and perhaps somewhere near $94 as we have seen the markets struggle to stay above there. With this, looking at short-term charts that have pullbacks offering support is probably the best way to trade DASH. I don’t have any interest in shorting, but I do recognize that if we break down below the bottom of the range for the Monday session, the market could find itself falling to the $82 level rather quickly.
LTC/USD
LiteCoin rallied again during the Monday session, and at one point even made a fresh, new high. This shows that the market is trying to break out, and the fact that we get above the shooting star from the Friday session is a very positive sign. I suspect that it’s only a matter of time before we break out for good, and short-term pullbacks offer value. A break above the top of the candle for the session on Monday is also a buying opportunity, and I don’t have any interest in selling the LTC/USD market.
Thanks for watching and see you again tomorrow