In this video, the Trader Guy looks at the cryptocurrency, bitcoin for the May 15th session.
Bitcoin/USD — The market made a strong bullish move on Tuesday session forming a shooting star candlestick right below the 8,000 level. So, it looks like market could pull back a bit and look for support. So, you can buy pullbacks at the moment as they could offer value. The 50-day EMA has crossed above the 200-day EMA. By classic technical analysis, this is a strong bullish sign. Now, the market could locate support at the 7,000 level below. The market made a parabolic move over the last few trading sessions. So, be aware of that. To the upside, the 10,000 level is the target. However, the market looks overbought at the moment. So, why not wait for a pullback?