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MENAFN- Daily Forex)
Bitcoin continues to struggle below the 200-day EMA near $108,000, signaling technical weakness. A failure to hold $100,000 could trigger moves toward $93,000 or $85,000, while only a break above $111,000 might revive bullish momentum.
Bitcoin initially tried to rally during the trading session on Tuesday, but it seems as if it is continuing to struggle to break above the 200-day EMA. That is a bad sign as far as technical analysis is concerned, and it is something that I think a lot of people have to watch very closely. The 200-day EMA is sitting at the $108,000 level, and that is an area that a lot of people will be watching due to the previous market memory that's attached to it. After all, $108,000 has been both support and resistance, and with that being the case, I think you have to recognize that it is an area that has quite a bit of influence.
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With that being said, if the market were to break above the $108,000 level, then we would go looking to the $111,000 level. Anything above could open up a nice recovery and a nice rally that goes much higher. That being said, though, I think the more likely scenario is that we fall to test the $100,000 level again. The $100,000 level is a large, round, psychologically significant figure that has a lot of influence on this market. It has already proven itself to be important, and if we were to break down below there, it's likely that we could go looking to the $93,000 level. After that, you could be looking at $85,000.
I think a lot of this comes down to risk appetite and the fact that the Federal Reserve may not be as loose with its monetary policy as a lot of Bitcoin aficionados would hope. Regardless, this looks a whole lot like a market that continues to fade rallies.
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