BTC/USD Forecast 29/08: Continues To See Buyers (Video)

(MENAFN- Daily Forex)

• Bitcoin has rallied a bit during the early hours on Thursday as we continue to bounce from the crucial $110,000 level.
• The $110,000 level previously had been significant resistance, so a little bit of market memory coming into the picture at this point in time is not a huge surprise.
• In fact, it would have been somewhat expected due to the fact that although we have been falling for a couple of weeks,

Still in a Long-Term Uptrend

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Let's be honest here, the Bitcoin market has been in a massive uptrend for ages. The 50-day EMA sits above and near the $114,420 level, and that could offer a little bit of resistance, but I don't think it's a huge problem. The 200-day EMA is all the way down at the $104,000 level and rising, so that could open up the possibility of a serious breakdown if we were to drop below there, although this is something that I am not expecting at this point in time.

Ultimately though, I think we're just continuing to bounce around in a $10,000 range with the market eventually trying to get its way back to the $120,000 level. With that being the case, if the market were to break above there, then I think it's likely that we will continue the longer term uptrend and continue to see more FOMO trading.

EURUSD Chart by TradingView

What I would bring to the forefront here is the fact that institutional traders are probably at vacation right now. They typically are this time of year. And that has been part of the problem. There just aren't some bigger players out there jumping into the market and buying. That doesn't change anything. It just changes this timeline. I still remain bullish, and I still think Bitcoin rallies from this area.

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