BTC/USD Forecast Today 27/03: Stuck In A Range (Video)

(MENAFN- Daily Forex)

• Bitcoin initially rallied during the trading session on Wednesday but still can't really find any momentum.
• It is currently between the 50 day EMA and the 200 day EMA indicators.
• This, of course, will capture a lot of attention. So, it'll be interesting to see how this plays out.

Nonetheless, this is a market that I think will be very difficult to get a grasp on in the short term because nobody really knows what the risk profile is going to be. After all, there was some excitement about the idea of a strategic crypto reserve in America, but that's got nothing to do with Bitcoin. It's just Bitcoin that they have seized. So, it's not creating any more demand at this point. Ultimately, I think this is a situation where traders will look at this as a market that just doesn't know if it's ready to break out yet.

Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money Forming a Range? Maybe.-p src= data-src="" alt="BTC/USD Forecast Today 27/03: Stuck in a Range (graph)" title="BTC/USD Forecast Today 27/03: Stuck in a Range (graph)" class="img-responsive center LazyLoading" lazy=loading>

It is obviously a market that is trying to form some type of range. It just hasn't been able to break out of it. So, I think we're stuck here with $90,000 above being a very crucial level to watch. If we can break above there, that could change a lot of things for Bitcoin. But right now, I just don't see how we do it. I think you've got a scenario where traders continue to look at this as a sideways market that's just looking for a reason to do something.

EURUSD Chart by TradingView

Right now, it just doesn't have that reason. So, with that being the case, I'm very neutral on this market. I think we stay pretty flat for the time being, but I also recognize that this is a situation where traders could be accumulating. And I think a lot of people will be doing so in little bits and pieces. I've been dollar crossed averaging, and I think $75,000 now is your floor.

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