(MENAFN- Daily Forex) The btc/usd continues to act like dead money as it simply sits just below the $18,000 level. I believe that we have further to go to the downside, so I'm looking at any rally as a potential shorting opportunity in the CFD market. The Ponzi schemes that continually makeup crypto are starting to take a toll on Bitcoin, and even though it may be“best in class”, the reality is that the entire industry is negative right now. As long that's going to be the case, I just don't see how you could be a buyer.
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Adoption is almost nonexistent, except for in places like Argentina and Venezuela, where inflation becomes a major issue. However, that's not enough to keep Bitcoin at the forefront of transactional power. Ask El Salvador how it's been working out for them so far. Because of this, I believe we have much further to go to the downside, as there is no real use-case scenario out there now. Yes, I realize that the network is getting better, but that's also the same story we've been hearing for 10 years. Bitcoin is essentially a solution looking for a problem because most transactions in the real world can be done in a few seconds. In other words, there is no incentive for the average person to use Bitcoin over something like their Visa debit card. Simply put, most people don't care about the technicalities of the situation, they just wanted to work.Bitcoin to Continue Suffering
Bitcoin is going to continue to suffer at the hands of its own volatility because quite frankly there's no reason to think that volatility is going to slow down. You cannot have money changing its value so drastically in such a short amount of time. Most fiat currencies move about 10% a year in one direction or the other, but Bitcoin can do that in a single day. People will not use this cash if this continues to be the case.
Bitcoin can be speculated on because that's its only real use. At this point, it looks as if the $18,000 level, the 50-Day EMA, the $20,000 level, and perhaps the 200-Day ema all offer excellent shorting opportunities, as Bitcoin looks ready to eventually break down and head back toward the $12,000 level.
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