BTC/USD Forecast Today 25/7: Buyers On Each Dip (Video)
Date
7/25/2024 3:07:27 PM
(MENAFN- Daily Forex)
In my daily bitcoin analysis, I have to admit that I am focusing on the $67,000 level, an area that's been important more than once. When I look at the bigger picture, it's obvious that the 50% Fibonacci retracement level from the post Wall Street ETF announcement has held quite true as support near the $56,500 level, and since then, we've really taken off to the upside.
On the other hand, if we take off from here, the $68,500 level gets in the way. But anything above that more likely than not, will open up a move to the previous swing high near the $73,000 level. It's probably worth noting that the US dollar is on the back foot a little bit during the session. With PMI numbers around the world being a bit mixed, that suggests that we will continue to see a lot of dovish behavior coming out of central banks.
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If that's going to be the case, then that should help Bitcoin, because that's exactly why it was built. It was built as a way to avoid money printing and more likely than not, loose monetary policy is going to have people thinking along those lines on a breakout above the $73,000 level. I think Bitcoin is free to go much higher, perhaps as high as $85,000 based upon a bit of a moving, average, slant to the upside.
The fact that it is a measured move from the previous consolidation. Either way, I don't see anything on this chart that tells me I should be a seller. So therefore dips, I do believe, continue to be buying opportunities in this market, although you will need to recognize that this is a market that will be noisy. After all, this is a market that is completely full of noise, but there are a lot of chances for this market to punish you if you are far too overstretched as far as position sizing.
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