Hello and welcome to News BTC’s Market Outlook May 08.
ETH/USD
Ethereum tried to rally during the day on Friday, but found far too much in the way of resistance above the psychologically important $100 level. Because of this, we ended up forming a candle that suggests we are going to drop. With this being the case, I think that the market is going to go looking for buyers underneath. I don’t have any interest in shorting this market, I believe somewhere around $90 we will start to see buyers reenter, and most certainly at the $85 level.
ETH/BTC
Ethereum fell slightly against Bitcoin, but at the end of the day it has broken out. Because of this, I believe that the market still offers a “buy on the dips” type of mentality, and certainly we have much more room to run to the upside in this market then we do against the US dollar. I remain bullish, but also recognize that this could be more of a grind than a massive move.
Thank you for watching and see you again tomorrow.