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MENAFN- Daily Forex)
Bitcoin continues to“hang in there" in general, despite the world being in disarray that the moment. This is perhaps a subtle signal to pay attention to.
Bitcoin initially tried to rally during the trading session on Thursday, but it continues to see a lot of volatility as the $72,000 level is the beginning of pretty significant resistance. The 50-day EMA sits just below and therefore should be paid close attention to.
I also recognize that this is a market that is working in an environment that of course has been very trying to say the least. That being said, what I have also noticed and perhaps this is the most important part is that the market has been forming a larger bottoming pattern despite the fact that the geopolitical situation remains dire to say the least.
Top Regulated Brokers1 Get Started 74% of retail CFD accounts lose money Bottoming Pattern and Institutional Support
In this environment I recognize that it makes a certain amount of sense that instability would become the norm and with that being the case I do think that we have a situation where the occasional pullback will present itself perhaps as a buying opportunity. We'll just have to wait and see.
Over the longer term I think ultimately this is a market that does break out although it may need a little bit of relief in the bond market perhaps via some type of lasting peace in the Middle East to truly send Bitcoin to the upside.
It's worth noting that institutional ETFs have seen inflows as of late suggesting that perhaps larger money is starting to come in and support this market. It has a long history of pulling back about 50% from each high and we are getting relatively close to that environment so all things being equal I'm looking for value here.
I'm not necessarily putting a ton of money into Bitcoin, but I recognize that it may have something to say before it's all said and done. A break above $76,000 would be very.
EURUSD Chart by TradingView
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