Hello and welcome to News BTC’s Market Outlook May 08.
DASH rose drastically during the Friday session, making a fresh, new high. We are now above the $104 level, and it looks as if the market is ready to go much higher. Because of this, I believe that short-term pullbacks offer nice buying opportunities, especially near the $100 level as it will have a certain amount of psychological importance to this market. The selling of this pair is all but impossible now.
LiteCoin continues to look very strong, as we have broken above the $28 level. This is a market that is a bit ahead of itself though, so I still prefer to buy on pullbacks as it at least offers a little bit of value. Buying at these levels would be chasing the trade, and that’s a great way to lose money. I currently have a target of $30, but am uncomfortable putting money to work at these lofty levels.
Thanks for watching and see you again tomorrow.