Hello and welcome to News BTC’s Market Outlook May 04.[embedded content]
Bitcoin continues its rally, initially dipping during the Wednesday session refining support just below the $1440 level. It now looks as if we are all but assured to reach towards the $1500 level, where I would anticipate a bit of psychological resistance. I still believe in buying dips on short-term charts, and believe that selling is all but impossible at this time.
Bitcoin struggled a bit against the Japanese yen, although we did initially make a fresh, new high. It looks as if the market is ready to pull back and quite frankly that would be good as we are bit overextended. Ultimately, it looks as if the market will probably find buyers below but I would be patient and wait for a supportive daily candle to place my order.
Thanks for watching and see you again next time.
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.