- Bitcoin has drifted a little bit lower during the early hours on Wednesday, as we continue to see interest rates in the United States cause issues for crypto in general.
- Keep in mind, things have changed. Bitcoin is no longer trading like crypto because it’s also held by a lot of people on Wall Street. They are concerned about interest rates. So, if interest rates stay higher for longer, it’s very likely the Bitcoin will struggle.
Breaking below the $60,000 level would be negative, but if we were to break down below the latest swing low, then I think Bitcoin has a real shot at dropping all the way down to the $52,000 level. This would bring the 200-day EMA into focus as potential support. If you give that up, then the trend is over.
While I am not calling for that right now, I’m just laying out the possible scenarios. If we turn around and break above the $66,000 level, then I think it’s likely that we will go look into the $73,000 level above, which of course is an area where we’ve seen a lot of resistance previously. This area would obviously attract a lot of attention, and therefore volatility as well. A break above it could open up a move to the $80,000 level fairly quickly.
Are We Forming a Base?
In general, this is a market that I think is in the midst of trying to form some type of base, and therefore you would expect a lot of volatility. 60,000 does matter. And at this point in time, I think you will continue to look at that as a magnet for action in the market. It is worth stating that we are still in an uptrend, but the recent swing high was lower than the one before it. So, beware of how this market can move, as it is historically volatile, and the last thing you want is to be on the wrong side of a Bitcoin move, as they can be quite brutal.
To get LIVE ACCURATE 2-3 TRADES daily (Forex/Comex/Stocks) Telegram Financial Advisor
BEST FOREX SIGNAL TELEGRAM GROUP
XAUUSD FOREX INDICES ACCOUNT MANAGEMENT
#SaudiArabia #UAE #Qatar #HongKong #Portugal #PortugueseGP #France #forex #commodities #forexSaudiarabia #forexYemen #forexasia #forexJordan #Singapore #UAE #UK #forexsignals #SwingTrading #周 #USDollar #inflation #FOMC #China #kuwait
Rehana William |Financial Consultant _Forex_Gold Xauusd| Fund Manager 