(MENAFN- Daily Forex)
bitcoin has stalled a little bit at the $66,000 level, which is an area that has been important previously. With that being said, I think that if we can break above that level, then it's possible that we could go looking to the $73,000 level. This is an area that has recently seen a lot of resistance, so it does make sense that would end up being a bit of a target. If we can break above there it would obviously say a lot of things, but right now it is going to be a market that simply looks at that as a potential possibility.
Short-term pullbacks should be buying opportunities
Short-term pullbacks should continue to be buying opportunities with the 50-day EMA below and the $60,000 level both offering support. Ultimately, I don't have any interest in trying to short this market and I think that pullbacks continue to be buying opportunities. In fact, that's exactly how I'm going to trade the BTC/USD market because I do believe that we have a range that is very much intact.
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The support level at the $60,000 level is crucial, but you should keep in mind that it extends down to the $57,000 level. If we can break out to the outside and clear the $73,000 level, then I think Bitcoin has much further to go. Quite frankly, I think it's probably only a matter of time before all that happens anyways.
But at this point in time, I like the idea of looking for a little bit of value and taking advantage of it. In general, this is a market that I think continues to see a lot of volatility. But as long as people are worried about the Federal Reserve loosening monetary policy decisions, and of course, cutting back a little bit on quantitative tightening through its balance sheet, it does make a certain amount of sense that Bitcoin will continue to try to go higher. As long as that's the case, I think that there will be plenty of people out there willing to get involved in bitcoin still.
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