(MENAFN- Daily Forex) The btc/usd has rallied ever so slightly during the trading session on Thursday, gaining 8/10 of a percent by the time the Americans were wrapping up the afternoon. At this point, the market looks as if it is content to simply kill time, as it has gone almost nowhere. While you can look at this in 2 different ways, the reality is that it is more likely going to be due to a complete ambivalence of the asset right now.
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Bitcoin sits just below the 50-Day ema , which sits just below the $18,000 level. The $18,000 level is a major area of previous support and should have a certain amount of resistance now, due to the phenomenon of“market memory” in that general vicinity. All things being equal, I think it's going to be difficult to get above there, and even if we did, there should be quite a bit of resistance running all the way to the $20,000 level. Because of this, I think we get a situation where the signs of exhaustion will be faded, so therefore I think we got a situation where it's only a matter of time before we fall over.Bitcoin is Probably a Survivor
Underneath, the $15,000 level should be a significant support level, and if we were to break down below there, it's likely that we would see this market drop rather significantly. In that scenario, I think we get an opportunity to see Bitcoin drop all the way down to the $12,000 level, where it started the most recent bullish run from. Anything below there opens the possibility of $10,000 below that, and I think that is a very real possibility.
As far as buying is concerned, we would have to see the Federal Reserve pivot, which at that point could be an opportunity that all crypto traders should be clamoring for. After all, Bitcoin has only operated in the loose monetary policy environment, it is obvious that the tightening monetary policy has done all but destroyed Bitcoin. It certainly has destroyed other crypto projects, so at this point, I believe that Bitcoin will probably be a survivor, and one day it may be worth a ton of money. However, we would also need to find some type of real-world use for it, which it just has not picked up on yet.
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