Hello and welcome to News BTC’s Market Outlook May 23.
BTC/USD
Bitcoin rallied during the session on Monday, breaking out to a fresh, new high. We managed to break above the $2100 level, and then continues to press higher. It looks as if every time we pull back the buyers are willing to step in and the $2000 level should now be psychologically supported. Even if we fall from there, the $1900 level underneath that should be supportive as well.
BTC/JPY
The BTC/JPY pair broke higher during the session on Monday, clearing the top of the shooting star from Friday. However, we are not at fresh, new highs, as we shot all the way to the ¥300,000 level above, but it looks as if the market will start reaching towards that area again. Short-term pullbacks offer buying opportunities and selling is all but impossible. Nonetheless, this is a market that we believe will continue to find support as Japan is one of the major contributors to Bitcoin being successful these days.
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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