Bitcoin Forecast Today - 18/06: Wednesday Volatility (Chart)

2024-07-19 03:07:48

(MENAFN- Daily Forex)

The Bitcoin market has struggled on Wednesday to maintain any type of momentum, which probably makes a little bit of sense considering that we have been so bullish over the last couple of days.
All of that being said, this is a market that I think continues to see a lot of value hunters on dips and therefore I don't necessarily think that we should be a seller I believe that the 50 day EMA underneath near the $62,500 level is more likely than not going to be support.

For that matter, we are already starting to see the market try to turn around and make a charge towards the $67,000 level. This is a market that has been a little overdone over the last couple of days, so I certainly think that a lot of people would be waiting and welcoming the idea of a pullback.

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Even if we were to break down below the 50 day EMA, the $60,000 level of course is an area that I think is going to be important as well. A break above the $67,000 level opens up the possibility of a move to the $73,000 level, but that I think is a move that needs to see a little bit of momentum building. After all, you can't go straight up in the air forever.

While Bitcoin of course is more volatile than most other assets, the reality of course is that Wall Street now has its hands on Bitcoin and therefore it's likely that we will see the market perhaps behave more like a index or something like that than what we have seen in the past. With this I remain bullish of Bitcoin price , but I also recognize that you are better off waiting for some type of value proposition to present itself. It's not until we break down below the 50% Fibonacci retracement level near the crucial $56,500 level that I would be concerned about the overall trend.

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