Hello and welcome to News BTC’s Market Outlook May 03.
ETH/USD
Ethereum continues to try to grind to the upside but quite frankly we are bit exhausted. Pullbacks should offer buying opportunities and at this point I suspect that it’s probably time for that to happen. The $68 level should be massively supportive, as well as the $72 level above there. I have no interest in shorting, this is a market that seems to be rather well supported, but currently it looks likely that the markets need to build up more momentum.
ETH/BTC
Ethereum fell against Bitcoin during the session as well, testing the 0.05 level. There seems to be a significant amount of support down to the 0.04 handle, so I’m waiting to see a bounce to go long. I don’t have any interest in shorting, we are far too low to make any real money doing that. I believe longer-term we will rally, but Bitcoin itself seems to be rather strong.
Thanks for watching and see you again tomorrow.