(MENAFN- Daily Forex) Bullish view
Buy the BTC/USD pair and set a take-profit at 52,500. Add a stop-loss at 48,000. Timeline: 1-2 days.
Bearish view
Set a sell-stop at 49,000 and a take-profit at 47,500. Add a stop-loss at 52,000.
Bitcoin continued its strong rally, surging to the important psychological level of $50,000 for the first time since 2021. The BTC/USD pair was trading at 50,000 on Tuesday morning as investors started predicting that it could retest its all-time high ahead of the halving event FOMO continues
The BTC/USD pair rally continued its bullish trend in the past few days as signs emerged that retail and institutional investors were getting interested in Bitcoin ETFs. A quick look shows that Blackrock's Bitcoin ETF has added over $3.9 billion in assets in the past few weeks. Fidelity's FBTC ETF has also gained momentum.
There is a likelihood that these funds will continue doing well as Bitcoin's bullish momentum continues. Most investors will embrace it as an alternative asset that has performed well in the past fifteen years. In this period, Bitcoin has outperformed all financial assets like stocks and bonds.
The idea is that these funds will only invest a small percentage of their assets in Bitcoin ETFs. Besides, big investors have over $6 trillion in dry powder, or funds that they are yet to invest, meaning that they can allocate some of them in Bitcoin.
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Bitcoin is also doing well because of the Fear of Missing Out (FOMO). This is a situation where the coin rallies because it is in an uptrend. When this happens, it usually leads to more demand from retail investors who don't want to be left behind.
Bitcoin has also jumped as investors embrace a risk-on sentiment in the financial market. US equities continued jumping, with the S&P 500 index soaring to over $5,030, its record high. Other indices like the Nasdaq 100 and Dow Jones continued soaring. The fear and greed index has moved to the greed zone/USD technical analysis
The BTC/USD pair has continued rising in the past few months. It has moved above the important resistance point at 49,088, its highest point on January 24th. The pair has remained above the 50-period and 25-period moving averages. Further, the MACD and the Percentage Price Indicator (PPI) have moved sideways above the neutral point.
The Average Directional Index (ADX) have continued rising to over 30. Therefore, the outlook for the pair is bullish, with the next important price to watch being at 52,000. The stop-loss of this trade will be at 48,000.
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