Bitcoin Forecast Today 20/05: Wait For Bounce (Video&Chart)

(MENAFN- Daily Forex)

The Bitcoin market continues to hang around the 50-day EMA on Tuesday, which is an area that I would expect a little bit of support from. Not only due to the 50-day EMA, but the fact that we are sitting right around the $76,000 level, an area that previously had been important resistance.

The market bouncing from here makes a certain amount of sense, and I think it could go looking to the 200-day EMA given enough time, which is just underneath the crucial $82,000 level.

Interest rates in America do continue to climb, but quite frankly in this environment, I think we've got a situation where we should be watching how the Bitcoin market, for the most part, not every day, but for the most part, has been completely ignoring the chaos in the bond market.

It's been a very tough day for the bond market and while rates are a lot higher and Bitcoin should in theory at least be losing ground, it has to be said it's been holding up fairly well despite the fact that it's a negative day for the Bounce

I am waiting for the market to bounce a bit so I can start buying it. I want to buy it on the right-hand side of the V pattern that occurs, and the analysis for today is very much the same as it's been over the last couple of days where I'm just simply going to have to wait to see whether or not I get that opportunity.

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I think I do, but waiting a day or 2 is not going to be that big of a deal because I do believe eventually, we go much higher, perhaps even to the $84,000 level. I remain bullish, but you have to be patient to get that opportunity.

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