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BTC’s Market Outlook May 16.
DASH initially fell on Monday but found support again
at the $82.50 level. We turned around to form a nice-looking hammer, but that
was preceded by a shooting star on the daily chart. Typically, this means that
we are about to see consolidation, so I think range bound trading between the
$82.50 level on the bottom and the $95 level on the top will be the case going
forward. Longer-term, I still believe in the upside, but it looks as if range
bound back and forth trading is probably where we need to be thinking.
LTC/USD
LiteCoin fell during the day on Monday, but continues
to see interest near the $27.50 level. There is significant support underneath,
so I think it’s only a matter of time before the buyers get involved, and this
pullback will be more than likely looked upon as a nice buying opportunity in a
stronger uptrend overall. I have no interest in selling, and believe that
short-term bounces will give us an opportunity to go long.
Thanks for
watching and see you again tomorrow.
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