Hello and welcome to News BTC’s Market Outlook June 7.
Ethereum rally during the session on Tuesday, breaking will above the $240 level. We have now reached towards the $260 level and it looks as if short-term pullbacks continue to offer buying opportunities. The market cannot be sold at this point, because quite frankly even though it is a bit overextended, it is far too bullish to fight this type of trend.
Ethereum initially fell against but going but found enough support underneath at the 0.0860 level to turn around and form a hammer like candle. This suggests that the buyers are still very much underneath than willing to buy dips. I believe at this point, the market will probably go looking for the 0.10 level after that. Given enough time, the market should continue to reach beyond their and then go towards the 0.11 level after that. Selling is not an interest of mine.
Thanks for watching and see you again tomorrow.