(MENAFN- Daily Forex)

• Bitcoin has plunged during the trading session on Monday to test the crucial 50 day EMA only to turn around and least show some signs of life.
• So, we'll have to wait and see how this plays out. But I think you've got a situation where value hunters have returned to the market in order to take advantage of cheap coins.

This is a market that's been extraordinarily bullish until the last couple of days. And of course, there are going to be a lot of questions asked about the overall attitude of markets right now, not just in Bitcoin, but in many other markets. Ultimately, I think you have to look at this as a market that just when it dips, you have to be bullish. You have to assume that it is only a matter of time before we test the highs. I know clearly at this point in time, it is a scenario where I think anytime you drop, you have to look at large round numbers because for example, the $115,000 level was tested. And even if we break down below there, we could go down to the $112,000 level followed by $110,000.

I am Not Shorting Bitcoin

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I have no interest in shorting this market. I do think eventually we'll test those highs, but obviously there's a lot of risk appetite destruction out there in an environment that continues to see people ask questions about the federal reserve cutting rates and where stocks are going.

EURUSD Chart by TradingView

Remember Bitcoin is a wall street asset. Now it's not what it used to be and it's going to move like a wall street asset. We are in the midst of vacation season. There is a lack of volume. That's part of what you're seeing play out here as well.

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