Hello and welcome to News BTC’s Market Outlook May 11.
ETH/USD
Ethereum had a slightly positive session on Wednesday, testing the top of the hammer that had formed from Tuesday. This is a bullish signal and should send this market higher. The $100 level will be attractive, and certainly the market will attempt to break out above there. Pullbacks have plenty of support, but I also recognize that 100 may cause a bit of trouble in the short term. Longer-term, I still believe in the uptrend.
ETH/BTC
Ethereum also rose slightly against Bitcoin, but continues to grind higher, not rally with any significance. This is a longer-term play, but it appears that the market is gradually starting to pick up buying pressure underneath. With this being the case, a longer-term “buy-and-hold” situation has presented itself in this market. A break above the 0.0625 level would be significant.
Thanks for watching and see you again tomorrow.