- Bitcoin continues to consolidate overall as we sold off rather rapidly during the early hours on Friday, we have seen a recovery after the jobs figure came out and now it looks like we are still very much at risk on type of attitude.
- With that being the case, I think this is a market that given enough time, we should see plenty of buyers jumping into this market at any hint of value.
The Bitcoin market obviously has a lot of support underneath, and it's especially apparent near the $65,000 level. And even more so. And the $60,000 level, which is not only a large, round, psychologically significant figure, but also where the 50 day EMA is currently sitting and of course, an area where we've seen buyers in the past.
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Market Memory?
So, one would have to assume that there's a certain amount of market memory there. As things stand right now, it looks very much like we were trying to go looking to the $75,000 level above the $75,000 level is the top of the overall consolidation area right now. And although it is a kind of large, round, psychologically significant figure, I don't know that it holds over the longer term.
We are currently working off a lot of the excess froth from the shot straight up in the air at the end of last year and early this year, and I think it makes quite a bit of sense that we continue to see churn, but it most certainly favors the upside in general. This is a market that continues to run on emotion as well, and at this point in time, there are a lot of people that will be willing to push this market higher. We have seen this movie before, where BTC simply ignores everything for a while, and just goes higher.
It will end eventually, but at this point I think we aren’t near that time. This is a market that shows itself to be a product of the times, simply a boom and bust cycle over and over again. This is a bullish market at the moment, so this should be treated as such.
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