(MENAFN- Daily Forex)

• During the trading session on Thursday, we have seen more negativity in the Bitcoin market, one that simply doesn't look like you can get out of its own way.
• That being said, there are buyers out there, who believe in Bitcoin for the longer-term move that are using moves like this as a potential buying opportunity in what is referred to as“dollar cost averaging.”
• Full disclosure, that's what I'm doing as well but I am doing it in very small increments.

The biggest thing about Bitcoin is that it's not necessarily easy to get short of this market, unless of course you are talking about CFD markets or perpetual futures. Quite frankly, as Bitcoin is now an ETF more than anything else, I think you've got a situation where you are looking at this very much the way you would look at the S&P 500 or the Dow Jones Industrial Average. It's possible that eventually Wall Street will push this thing back out, and I think they will mainly due to the fact that they are looking to sell more. However, the days of 15% gains are probably just about done at this point, as it is now an institutional asset.

Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money Technical Analysis

There's no way to put it other than this: the Bitcoin technical analysis looks horrible. Technically, we are still hanging around the 200 Day EMA, but there's actually nothing on this chart that suggests that Bitcoin should take off to the upside anytime soon. Ultimately, I think that buying little bits and pieces along the way that you can afford to lose might be the way to go, because if Bitcoin never lives up to the hype, it will be worth about 12 times what it is now.

EURUSD Chart by TradingView

Whether or not you believe that remains irrelevant at this point, because it's a place where people like to gamble. In other words, as soon as we see a lot of risk appetite reenter the overall global markets, then you will see Bitcoin recover. However, at this point in time it looks like we are still far too negative to have a strong Bitcoin market.

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