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MENAFN- Daily Forex)
bitcoin has rallied a bit during the trading session, gaining over 2% pretty quickly in early Thursday trading as traders are starting to come back from the holiday sessions. That being said, liquidity is still a little bit thin, so I'm not looking for massive moves. Rather, I believe what we are more likely than not going to see will be more consolidation in this overall bigger picture that we have been dancing around between the $90,000 level on the bottom and $110,000 on the top.
A lot of this will just come down to your timeframe and your perspective. If you are a longer term believer, you are probably using this time for considering adding to your longer term holdings in little bits and pieces, at least you should be. If you are more of a short-term trader, then you recognize that buying on the dips has worked for a while now, but you also need to pay close attention to the area between $88,000 and $90,000, as that is significant support. If we do violate that to the downside for any reason, it probably opens up another $15,000 worth of losses.
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So, the last thing you want to do if you're a shorter term trader with bigger positions is get stuck in that scenario. I think what we're seeing here is more or less more of the same that had occurred earlier this year when we had the announcement of the ETF being allowed, we shot straight up in the air and then went sideways forever looking for another fundamental reason to take off.
We finally got that with Donald Trump being elected in a pro crypto administration in America. So now we have to wait and see whether they actually do anything. That is probably the biggest threat to crypto right now is that it all ends up being for not. Really at this point in time though, I'm thinking that we're just working off some of the excess froth with more of an upward tilt. So, I am bullish. I'm just not wildly bullish at the moment.
EURUSD Chart by TradingView
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