- The BTC/USD has dropped a bit during the trading session on Wednesday, as we continue to see the fallout from the FTX debacle.
- At this point, most people are running as far away from crypto as they can, even though Anthony Pompliano is doing everything he can to keep the “crypto bros” in the game.
- During the trading session on both Tuesday and Wednesday, there has been a long list of people coming out to suggest that it is the fault of the bag holders instead of the scammers.
- This is a huge negative on the world crypto, so it is probably only a matter of time before we continue to see Bitcoin and other coins drop.
Looking at this chart, you can see that we have been negative for quite some time, and then just went sideways killing time. That’s funny, because people for the longest time thought that the $18,000 level could be the basing pattern. However, we are below the $18,000 level, and that shows a breakdown. I think it’s only a matter of time before we go looking to the $15,000 level, possibly even the $12,000 level underneath. The $12,000 level was where we had started the last bullish run from, and it would be a complete round trip at that point. Quite frankly, I think we are heading to at least that level at this point.
Look at Rallies as Shorting Opportunities
Bitcoin continues to look for some reason to go higher, and what I find interesting is that even as the US dollar as solo quite drastically as of late, Bitcoin still cannot a shot higher even in that environment, so quite frankly of a US dollar falling can’t lift Bitcoin, what will? At this point in time, it’s very unlikely that anything will anytime soon. I look at rallies as shorting opportunities through the CFD market, or options if you have the ability.
The 50-Day EMA sits right around the $19,000 level and is dropping. After that, you have the $20,000 level that could come into the picture and offer a better resistance as well. All things being equal, this is a market that needs the Federal Reserve to start quantitative easing to make Bitcoin look interesting. I think we have quite a while before the stars line up for Bitcoin.
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