BTC/USD Forecast Today 02/09: Choppy Below $110K (Chart)

(MENAFN- Daily Forex)

• Bitcoin was very choppy during the trading session on Monday as we continue to see a lot of noise just below the crucial $110,000 level.
• This is an area that's been important multiple times in the past, so it's not overly surprising to see that what was once support has become significant resistance.
• If we can break above that level, then it opens up the possibility of a move to the $112,500 level.
• If we were to break above there, then the market could go looking at the 50 Day EMA, near the $113,500 level as well, where we see the 50 Day EMA.

Technical Analysis

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The technical analysis for Bitcoin is starting to shift a bit, as we are halfway between the 50 Day EMA and the 200 Day EMA which is sitting underneath price. We have been extraordinarily bullish, but recently we see the market pull back a bit as there are a lot of concerns about risk appetite overall. Keep in mind that the market sitting between these 2 moving averages, which are both fairly flat, suggest that we are starting to see a bit of a shift.

EURUSD Chart by TradingView

The question at this point in time will continue to be whether or not Bitcoin has peaked to, or if this was just a simple pullback. I think that can be said about a lot of markets around the world, as we are going to see more volume in the market after the holiday season ends, roughly about now. At that point, we would have to wait and see how the market will behave, but it certainly looks like we are sitting at a level that will attract a lot of attention. Quite frankly, I suspect that Bitcoin will behave very much like NASDAQ does, as they are both Wall Street assets at this point Ahead

I think you have to be very cautious going forward, and really at this point in time a lot of how you analyze Bitcoin will come down to your timeframe. I know some people are“Bitcoin believers”, suggesting that it really doesn't matter the price they get in, because they will hold onto Bitcoin for the rest of their lives. For those who are a little bit short-term inclined, I'd be very cautious at this point and wait to see some significant bounce to start buying again. As far as shorting is concerned, there is a ton of support underneath so that makes things dangerous as well.

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