Hello and welcome to News BTC’s Market Outlook May 05.
The Ethereum markets continue to show strength against the US dollar, reaching the $92 level during the day. It looks as if a short-term pullback might be a nice buying opportunity as the $88 level was initially resistant. It should now be support, and therefore I will look to short-term charts in order to take advantage of what has been a very nice move higher, and now an obvious breakout to the upside. Selling isn’t even a thought and I believe that we are going to go looking for the $95 level above.
The Ethereum market rallied against the coin as well, as we continue to consolidate between the 0.05 level on the bottom and the 0.06 level on the top. A break above the 0.06 level is a buy signal as far as I can see, and I believe that short-term pullbacks could be an opportunity to accumulate a larger position in this market to take advantage of what should be a strong moved to the upside.
Thanks for watching and see you again Monday.