BTC/USD Forecast 08/12: Fear And Resistance Build (Chart)

(MENAFN- Daily Forex)

• Bitcoin continues to struggle near $92,500, with sentiment weakened by resistance levels, fear, and circulating misinformation.
• While a bottoming pattern may be forming, risks remain elevated, especially if price breaks below $80,000.
• A move above $94,000 could open the path toward $100,000.

Bitcoin had another bad session on Friday as the $92,500 region shows a certain amount of resistance, as it had previously done so multiple times. And I think you have to look at this as a market that will continue to be very difficult to get long in with a huge position.

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The market has been trying to form a bottom recently, and I think at this point it is probably only a matter of time before we get an opportunity to the upside. But right now, it looks like, at best, we are forming some type of bottoming pattern that could lead to a turnaround. On the other hand, if we break down below the $80,000 level, it would drop significantly. And in that environment, you have to expect quite a bit of downward pressure.

EURUSD Chart by TradingViewMisinformation and Caution in the Market

As things stand right now, it's interesting because I'm seeing on social media that SpaceX has decided to move all of its Bitcoin onto an exchange. But with Bitcoin, it seems like there's a lot of metaphor, misinformation right now. And with that being the case, I think you have to be very cautious. However, there is a lot of fear out there, and there certainly seems to be a lack of interest.

Ultimately, I think this is a market that will spend some time trying to find its footing, and if and when it does, then it could go higher. Ultimately, this is a market that is going to be volatile. But if we can clear the $94,000 level, then we will challenge the $100,000 level and, of course, the 50-day EMA. I think right now it's still dangerous to be in this market, but we are at least trying to fight back for once.

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