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.
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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