BTC/USD Forecast Today 29/04: Looking Bullish (Video)

(MENAFN- Daily Forex)

• Bitcoin does look a little bit hesitant right around the $94,000 level on Monday as we head back into a potentially significant uptrend.
• We'll just have to wait and see how this plays out.
• But as things stand right now, I think you have a situation where Bitcoin might be a little overdone.

And in that environment, it does make a certain amount of sense that we see a little bit of a pullback maybe toward the $90,000 level, but I don't think 90,000 is necessarily a bad thing. I think that means that people will get the possible drop in value that they are looking for. We will have to wait and see.

I Still Think Bitcoin Could Be Bullish

Ultimately though, this is a market that given enough time, I do think we'll go looking towards the 100,000 level, possibly the 110,000 level. We'll just have to wait and see, but all things being equal, I do like Bitcoin, and I think you're looking for value. If we were to break down below the 200 day EMA closer to the $85,000 level, then maybe you have some concerns.

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But right now, we have a situation where you just simply follow momentum. And that's especially true with Bitcoin. Bitcoin is very momentum driven and you cannot forget that because if you do, it's at your own peril. Bitcoin has clearly been very bullish over the last week or so. So, if we were to see the market pull back at this point in time, I think it's healthy.

EURUSD Chart by TradingView

I think it allows people to find value in a market that was threatening to run away there for a while. This is a market that tends to see a lot of buyers trying to take advantage of the easiest track in Bitcoin, which is typically higher over time.

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