Hello and welcome to News BTC’s Market Outlook May 11.
ETH/USD
Ethereum had a slightly positive session on Wednesday, testing the top of the hammer that had formed from Tuesday. This is a bullish signal and should send this market higher. The $100 level will be attractive, and certainly the market will attempt to break out above there. Pullbacks have plenty of support, but I also recognize that 100 may cause a bit of trouble in the short term. Longer-term, I still believe in the uptrend.
ETH/BTC
Ethereum also rose slightly against Bitcoin, but continues to grind higher, not rally with any significance. This is a longer-term play, but it appears that the market is gradually starting to pick up buying pressure underneath. With this being the case, a longer-term “buy-and-hold” situation has presented itself in this market. A break above the 0.0625 level would be significant.
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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