BTC/USD and BTC/JPY Technical Analysis May 31, 2017

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Last Updated: June 11, 2024 1:22 pm

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Hello and welcome to News BTC’s Market Outlook May 31.

BTC/USD

Bitcoin rallied during the day on Tuesday against the US dollar after initially falling and testing the $2200 level for support. That area caused enough of bounce to form a hammer, and the hammer of course is a bullish sign. On a break above the range for the day, it’s likely that the market will then break above 2400 and go much higher. I also believe that pullbacks continue to offer buying opportunities.

BTC/JPY

The coin did very little against the Japanese yen as we continue to grind sideways overall. However, there is a significant floor being formed underneath, and once we can break above the ¥280,000 level, it’s likely that the market will then go to the ¥300,000 level, and then beyond. Selling is all but impossible.

Thanks for watching and see you again tomorrow.

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