Hello and welcome to News BTC’s Market Outlook May 10.
DASH/USD
DASH traders had a rough session on Tuesday, as we initially gapped lower, then shot higher, and then fell apart. By the end of the day, the buyers and come back in at the low level of $77.50, pushing the market above $85 again. This is an extraordinarily volatile pair, and although the upside seems to be favored, the reality is that this is more of an investment and less of a trade. You must be able to hang on to these types of moves to be involved. Longer-term, this market should continue to go higher.
LTC/USD
LiteCoin initially fell against the US dollar on Tuesday, but found support at the $24 level. By bouncing as it did, it formed a hammer and that of course is a bullish sign. It looks as if buyers are coming in on the dips, and that’s exactly how I would play this market, looking at dips as potential value. Longer-term, we should continue to see bullish pressure.
Thank you for watching and see you again tomorrow.