Hello and welcome to News BTC’s Market Outlook May 12.
ETH/USD
Ethereum continues to grind sideways just above the $90 level, as we are building support in this region. Ultimately, I believe that buying short-term pullbacks to build up a larger position as we attempt to reach $100 is the best way to trade this market. I see support all the way down to at least the $80 handle, so longer-term outlooks will be needed to be taken here.
ETH/BTC
Ethereum fell slightly against Bitcoin but continues to find support just below. I think the support extends down to the 0.04 level, so building up a larger position remains the way to go. Ultimately, if we can break above the 0.0650 level, the market should continue to go much higher. It seems as if we are in a state of accumulation.
Thanks for watching and see you again tomorrow.