Hello and welcome to News BTC’s Market Outlook May 05.
ETH/USD
The Ethereum markets continue to show strength against the US dollar, reaching the $92 level during the day. It looks as if a short-term pullback might be a nice buying opportunity as the $88 level was initially resistant. It should now be support, and therefore I will look to short-term charts in order to take advantage of what has been a very nice move higher, and now an obvious breakout to the upside. Selling isn’t even a thought and I believe that we are going to go looking for the $95 level above.
ETH/BTC
The Ethereum market rallied against the coin as well, as we continue to consolidate between the 0.05 level on the bottom and the 0.06 level on the top. A break above the 0.06 level is a buy signal as far as I can see, and I believe that short-term pullbacks could be an opportunity to accumulate a larger position in this market to take advantage of what should be a strong moved to the upside.
Thanks for watching and see you again Monday.
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.
<!–
–>
Our Social Networks: Facebook Instagram Pinterest Reddit Telegram Twitter Youtube
