Hello and welcome to News BTC’s Market Outlook May 03.
BTC/USD
Bitcoin rally during the session on Tuesday, breaking above the $1400 level. We are now at all-time highs, and it appears that the market is still a “buy on the dips” type of proposition. However, keep in mind that the $1500 level will have a certain amount of psychological resistance built in. Because of this, waiting for short-term pullbacks will probably continue to be a good buying strategy in this market.
BTC/JPY
Bitcoin of course rallied against the Japanese yen as well, touching the ¥168,000 level. Because of this, I believe that this market is going to continue to see bullish pressure and looking at short-term charts for pullbacks will continue to offer value. As Bitcoin rises against the Japanese yen, I believe that we will go looking for the ¥170,000 level next. Currently, I believe that the ¥160,000 level should be supportive.
Thanks for watching and see you again tomorrow.
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.
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