BTC/USD Forecast: Continues To Underwhelm
Date
12/5/2022 2:28:25 PM
(MENAFN- Daily Forex) The btc/usd has done almost nothing on Friday as the US dollar has been thrown all over the place. This is in reaction to the jobs number, which came out hotter than anticipated. This is people thinking that perhaps the federal Reserve can't loosen any time soon, so therefore that's going to continue to work against bitcoin itself. In fact, the market was so quiet that we have gained just 16 basis points, something that is almost unheard of in Bitcoin trading under normal circumstances.
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Looking at this chart, the 50-Day ema sits right around the $18,000 level and is dropping. This $18,000 level was an area that has been imported a couple of times in the past as support, so it should now be resistance. With that in mind, I think this is a market that eventually will look at any rally toward that area that has a nice selling opportunity. Bitcoin has no business trying to rally anytime soon, because quite frankly it's not being used in the real world, with maybe the exception of migrant-sending remittances home, but even then, they must worry about the value of it dropping 10% if they are not quick enough.Bitcoin is Useless
More importantly, you do not see Bitcoin being used in major economies. In other words, the big money is not interested. Furthermore, we will have central banks coming out with digital currencies, and although I hate that idea, the reality is that most people will probably use those. I understand some people think that“he just doesn't get it”, but what I do get is the fact that Bitcoin is dropped 70% yet again. This is not money; it doesn't hold its value with any type of stability to be able to use that as such.
From a technical analysis standpoint, this is a market that is going to break through the $15,000 level eventually, and then go looking to the $12,000 level. Ironically, even though the US dollar has been losing strength and people are starting to think that the federal reserve and other central banks are going to have to continue to loosen monetary policy next year, nobody is jumping into Bitcoin now and trying to lift it. In other words, I'm not even sure what the next catalyst is going to be at this point.
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