BTC/USD Forecast Today - 09/01: Tests Support (Video)

(MENAFN- Daily Forex)

• The bitcoin market fell a bit during the early hours on Wednesday to break through the 50 day EMA and test a short term uptrend line that has been somewhat important.
• But I think more importantly, what we're paying attention to here is the idea that interest rates in America continue to be the main story.
• Interest rates initially spiked during the day but have calmed down since and that of course is crucially important.

With this being the case, I think you have to look at the market through a risk on or risk off type of situation. You also have to understand that Bitcoin does not operate in a vacuum. The overall attitude of markets is a bit leery and nervous, but with yields backing off a little bit later in the day, perhaps that might have people out there trying to buy something. Bitcoin has seen explosive growth over the last couple of months, and with that, I think you need to work off some of the excess noise and froth that made its way into the market.

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Even if we were to break down below the lows of the day, which is ostensibly that of trend line, I think you still have plenty of support near the $90,000 level followed by the $88,000 level. In general, I think you have to also look at this from the prospect of it might possibly be an accumulation phase. After all, longer term traders still believe in Bitcoin . That hasn't changed. And they will want to continue to own it. So, at this point in time, most Bitcoin traders that I talked to are actually buying little bits and pieces of it along the way when it goes on sale. I think ultimately, we could go looking to the $100,000 level, then the $108,000 level, and eventually test $110,000 above.

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