Hello and welcome to News BTC’s Market Outlook May 18.
ETH/USD
Ethereum initially fell against the US dollar but found the $85 level to be supportive again, thereby showing signs of resiliency. Because of this, it appears as if the market will continue to bounce and perhaps try to break out to the upside. I have no interest in shorting this market, and look at pullbacks as value just waiting to be had. With this being the case, it’s likely that traders are trying to build up enough momentum to finally reach $100 again.
ETH/BTC
Ethereum continues to grind sideways against Bitcoin, and therefore it looks as if building a longer-term position may be what traders are trying to do. Ultimately, it’s very likely that the market will continue to see support just below, so dips offer value. If we can break above the 0.06 level, then the market is free to go much higher. Until then, it simply looks like an accumulation phase from what I can see.
Thanks for watching and see you again tomorrow.