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MENAFN- Daily Forex) Potential signal:
This is probably the most obvious signal that I see right now, and that is to buy Bitcoin above the $100,000 level on a daily close. At that point, you could put a stop loss near the $97,000 level and aim for the $108,000 level.
During my daily analysis of the Bitcoin market , the first thing that I see is that the $100,000 level continues to be a bit of a ceiling in this market. Quite frankly, it's behaving more and more like a brick wall than anything else. This isn't necessarily the“be all end all” of the trend, it's just that I cannot help but notice this area has been quite difficult to overcome for some time. Having said that, we have a couple of times previously, so it's not exactly as if it is impossible.
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The technical analysis for the Bitcoin market is still strong, but it is worth noting that if you squinted, you could probably start to make out the idea of the head and shoulders pattern. I don't necessarily worry about that, but it could send this market plummeting down to the $74,000 level, an area that previously had been significant resistance, so it does make sense that it might offer support on the way back down. After all, it would simply be a case of“breakout, rally, pullback, confirm the move.” I don't know if that's going to be the case, but that is something that I would be on board with if it did happen.
EURUSD Chart by TradingView
Underneath current trading areas, we have the 50 Day EMA offering support, right along with the $90,000 level. Between the $90,000 level in the $88,000 level, I think there is a significant amount of support that could come back into the market, and therefore think a lot of value hunters will be interested in this market in this region. I don't have any interest in shorting the market, but if we did break down below the $88,000 level, I would simply sit on my hands and wait for another opportunity.
On a break above the $100,000 level, you would have to believe that the Bitcoin market is going to go looking toward the $110,000 level above, which of course is the next big figure that people will have their eyes on. We did not manage to break above it last time, so we may just be pulling back a bit to build up the necessary inertia to get going above there.
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