Bitcoin Showing Signs of Weakness BTCUSD Forex Cryptocurrency
Enter your emailAt this point, I do not have a scenario in which I would be bullish on Bitcoin in the intermediate term.continues to offer a little bit of dynamic resistance, and it makes sense that we could continue to go lower.It’s likely that the longer-term trend is starting to come back into the picture.It now looks as if we are going to reach the $20,000 level, which is a large, round, psychologically significant figure.
The $12,000 level has been important multiple times in the past, especially as we broke out to shoot to the $60,000 level. I anticipate that the $12,000 level will almost certainly attract quite a bit of attention, so I think it’s only a matter of time before the market tries to form a bit of a basing pattern.
Keep in mind that as long as the Federal Reserve remains very tight with its monetary policy, it’s almost impossible to be in the situation where cryptocurrency will take off for any length of time. After all, it is pretty far out on the risk spectrum, and traders and investors need to be confident enough to put money to work.
At this point, I do not have a scenario in which I would be bullish on Bitcoin in the intermediate term.
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