Hello and welcome to News BTC’s Market Outlook May 17.
ETH/USD
Ethereum tried to rally against the US dollar on Tuesday, but remained somewhat stagnant. I still see a significant amount of support below though, so selling isn’t a thought. If we do pull back, I expect to see support near the $85 level and we use that area to pick up more of a long position. Consolidation seems to be the theme throughout crypto currencies today, as we have had a strong run to the upside as of late.
ETH/BTC
Ethereum rallied against Bitcoin initially, but pulled back to form a slightly negative candle. We are currently treading water just above the 0.05 handle, and I believe that is essentially going to be “fair value” going forward, because of this, every time we dip towards the 0.04 level, I’m willing to buy this pair as I believe we are eventually during up for a larger move to the upside.
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.
<!–
–>
Our Social Networks: Facebook Instagram Pinterest Reddit Telegram Twitter Youtube
