BTC/USD and BTC/JPY Technical Analysis May 09, 2017

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BTC/USD and BTC/JPY Technical Analysis May 09, 2017
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Hello and welcome to News BTC’s Market Outlook May 09.[embedded content]

BTC/USD

Bitcoin tried to rally early on Monday, but continues to find the $1600 level to be rather resistive. Because of this, looks as if short-term pullbacks will continue going forward, and it makes quite a bit of sense as the move has been so impulsive. With this in mind, it’s difficult to start buying until we can clear the $1600 level on a daily close, or we find support at a lower level. Having said all that, I have no interest in shorting this market.

BTC/JPY

On the other end of the spectrum, the BTC/JPY market slammed into the ¥200,000 level. I think that area will cause a significant amount of resistance, but short-term pullbacks are buying opportunities. I also believe that the ¥180,000 level will now be the “floor” in the market, so short-term traders should be looking at opportunities to go long based upon short-term charts.

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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