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MENAFN- Daily Forex)
At this juncture, the 200 day EMA is coming into the picture and could end up being the last vestiges of hope for the short term uptrend. That being said, I think you've got a situation where there are a lot of concerns about the global slowdown and the US slowdown at least temporarily. That probably comes into the risk appetite of Bitcoin traders.
As this market starts to fall apart, we could go looking to the $74,000 level an area that had previously been major resistance and now should be major support given enough time based on market memory.
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On the other hand, if we were to somehow turn around and break above the $90,000 level, then it opens up the possibility of a move to the $96,000 level where we see the 50 day EMA. This is a market that has been very, very beaten down over the last couple of days. But I think you're starting to see the realization that maybe, just maybe Bitcoin isn't being adopted nearly as quickly as people had imagined when Donald Trump won the election, because that was the last thing that drove this market higher. This is going to be a year, two, three, and four year process. You just don't know as far as what the Americans will do from a governmental standpoint.
Bitcoin is Volatile to Say the Least
Furthermore, Bitcoin is very volatile and is very sensitive to risk appetite. And as risk appetite seems to be plummeting in various sectors around the world, that has weighed upon Bitcoin in the short term. Longer term, I would assume there's still buyers on dips, but that dip could drop all the way back down to that $74,000 level without much effort at this point, because things have gotten so dire. If that happens, there will be buyers down there looking to get involved as per usual.
EURUSD Chart by TradingView
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