Nov 18, · When the FOMO kicks in, technical analysis S/R levels are by definition of limited use because of no rationale and extreme volatility on the market. Levels are just sweeped and smashed through by the crowds. Shorting this rally is out of question, as those are the liquidity providers. Daily Report – Bitcoin and Market Update (September Bitcoin $23, (+%) Ethereum $ (+%) Tether $ (+0%) XRP $ (%) Litecoin $ (+%) Bitcoin Cash $ (+%) Chainlink. Dec 16, · It is likely that we will see the Bitcoin market make another attempt to break above the $20, level, but it should be acknowledged that $20, is a major level in this market. To the downside, I see the $18, level as being massive support, which has been tested a couple of times over the last week or so.
Bitcoin market daily analysisBTC/USD Forecast: Bitcoin to Grind Toward Support
Furthermore, we have seen that area tested and hold, so I suspect that we are looking at one of a couple of outcomes currently. That would still be healthy and somewhat bullish, because it would allow the market to catch its breath after the massive shot higher. Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy. Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions.
Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed. Christopher Lewis. Also on DailyForex. Did you like what you read? By doing so, it looks as if the market is trying to convince itself to jump over that level, which of course has a certain amount of psychological importance built into it.
Having said that, I do think that this is a market where participation is being gauged at this extraordinarily high level, and we may need to grind sideways for a while in order for people to get used to the idea of Bitcoin staying up in this particular region.
The Non-Farm Payroll numbers come out during the trading session on Friday and that could have a certain amount of influence on this market, at least in so much as to what happens with the US dollar. With that being the case, I think you need to pay attention to the US Dollar Index, which looks like it is trying to bounce just a bit, albeit from an oversold position more than anything else.
This is an area that has already seen a bit of support, and we are watching the 50 day EMA reach towards that level. Ultimately, I think that any dip will eventually see buyers due to the fact that we are in such an obvious uptrend. Unlike the last time we were off at these high levels, it is not so much about you siege or hash rates, or anything else than the value of the US dollar.
Ultimately, it is the one major fundamental thing that is working in the favor of crypto currencies, not just Bitcoin. Institutional money is starting to flow in as well so that of course will drive up the value eventually, and therefore I think we have a scenario where it is going to be difficult to short this market anytime soon.
Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy. Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions.