Bitcoin Signal Today - 11/07: Bitcoin Eyes Breakout (Chart)
Date
7/13/2024 11:05:31 AM
(MENAFN- Daily Forex) Potential signal:
I am a buyer of BTC against the USD on a daily close above $60,000. I would have a stop loss of $57,000.
It's hard not to notice the fact that bitcoin made a major attempt to break out to the upside in the early hours on Wednesday. At this point, the market is likely to go looking to the $60,000 level, which is a large, round, psychologically significant figure. This for me at least is the key to what happens next. It's all about the $60,000 level.
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Technical Analysis
When I look at the bitcoin market , it's hard not to notice the fact that the $56,500 level has been crucial support. It's also where the 50% Fibonacci retracement level currently resides, and that of course is something that a lot of technical traders will be paying close attention to. Ultimately, any short-term pullback to that area has to be looked at through the prism of a short-term buying opportunity. That being said, the market is likely to continue to see a lot of noisy and choppy behavior, but I do think that the bullish traders are out there trying to put up some type of major fight.
If we can break above the $60,000 level, then it's likely that we could go looking to the 50-Day EMA, and then eventually the $67,000 level after that. In general, that would be a very bullish sign for traders, and therefore I think you would start to see a lot of FOMO trading enter the arena as well.
On the other hand, if we were to break down below the $55,000 level, then I think it's a very negative turn of events for this market, and then we go looking to the $50,000 level. Anything underneath there that occurs for any length of time could send this market reeling, and we could go much lower, perhaps all the way back down to the $39,000 level!
All things being equal, this is a market that I think will be interesting over the next couple of days as we get the CPI and the PPI numbers coming out the United States, which will give traders an idea as to how to bet on what the Federal Reserve does next, which at the end of the day, is the entire game the people are playing when it comes to not only bitcoin, but also financial markets on the whole.
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