Bitcoin Forecast Today - 08/08: Looks For Momentum (Chart)
(MENAFN- Daily Forex) The first thing I notice is that we are doing what we can to form some type of basing pattern 200-Day EMA is sitting just above that could offer quite a bit of resistance, and at this point in time it does seem to be holding that being the case, I think you\u0026rsquo;ve got a situation where traders will look at this through the prism of risk appetite, and whether or not market participants are willing to take it AnalysisIt\u0026rsquo;s worth noting that the technical analysis for this market is somewhat of a mixed bag, and although we are hanging around the 200-Day EMA, it\u0026rsquo;s probably worth noting that there is a massive amount of support all the way down to the $50,000 level. As long as we can stay above that crucial psychological barrier of $50,000, I think you have a real shot at seeing this market try to recover. Top Forex Brokers 1 Get Started 74% of retail CFD accounts lose money Read Review BrokerGeoLists({ type: \u0027MobileTopBrokers\u0027, id: \u0027mobile-top-5\u0027, size: 5, getStartedText: \u0060Get Started\u0060, readReviewText: \u0060Read Review\u0060, }); var Top5PanelSections = { Logo: \u0027broker_carrousel_i\u0027, Button: \u0027broker_carrousel_n\u0027, }That being said, if the bitcoin market were to break down below the $50,000 level, then we could see this market go much lower, perhaps even down to the $40,000 level. The alternate scenario is of course that we close above the 200-Day EMA, perhaps even take out the $60,000 level to go higher. If that ends up being the case, then we could very well see bitcoin go looking to reach the $73,000 level over the longer term. I\u0026rsquo;m not necessarily looking for that to happen right away, but it would make a certain amount of sense considering that there are so many institutional traders involved in bitcoin thing that\u0026rsquo;s going to be interesting is how bitcoin behaves over the next several sessions, because we are almost certainly going to see a lot of volatility in the world\u0026rsquo;s financial markets. If that\u0026rsquo;s going to be the case, then one would have to assume that bitcoin is going to continue to be very noisy as well. With this being the case, I think you have to look at this through the prism of a market that is in the process of trying to build its base, but hasn\u0026rsquo;t quite done so yet.
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