(MENAFN- Daily Forex)
The btc/usd has pulled back a bit during the trading session on Wednesday, as we continue to see truly lackluster performance in the cryptocurrency markets. The 50-Day ema sitting just above is going to continue to offer resistance, right along with the $18,000 level. The $18,000 level is an area that has been important multiple times, so would not be surprising at all to see that area offer quite a bit of selling pressure, and quite frankly I would be surprised to see It going take it out to the upside.
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If we were to break above the $18,000 level, then we would see a lot of noise right around the $20,000 level, assuming that we can even get there. More likely than not, it's likely that we could see a lot of selling every time we rally, and perhaps even break down to lower levels. Ultimately, I think that we continue to see a lot of money run away from crypto because quite frankly it is far too laden with scams and Ponzi schemes now. This is like any other bubble, the criminals and scammers come running to it. Whether or not the market gets rid of those is a completely different question, but at this point, I think we've got a situation where the market needs to shake itself out.Bitcoin to Continue Losing Ground
Looking at the longer-term charts, it's likely we could see a move down to the $15,000 level, and then possibly down to the $12,000 level, an area that the market had taken off from previously and would make for a complete“round-trip” from the bullish market that we have seen over the last couple of years. That would not be uncommon for Bitcoin, especially now that it has become a little bit more well-known, it has gotten a bit of a bad rap over the last several months.
Every time there's a bubble, you see a lot of the nonsense on Instagram, YouTube, etc. pumping a lifestyle, which is almost always a sign that you are getting close to the end. We saw that about a year and 1⁄2 ago, and here we are. With this, it's likely that we will continue to see sellers come in every opportunity they get, especially as the US dollar has been falling, but even that has not helped Bitcoin.
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