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BTC/USD Forex Signal: Wavers as Wall Street Analysts Remains Optimistic

By Crispus Nyaga
Reviewer Adam Lemon
Fact-checker DailyForex.com Team
Crispus Nyaga
By Crispus Nyaga
Crispus Nyaga is a financial analyst, coach, and trader with more than 8 years in the industry. He has worked for leading companies like ATFX, easyMarkets, and OctaFx. Further, he has published widely in platforms like SeekingAlpha, Investing Cube, Capital.com, and Invezz. In his free time, he likes watching golf and spending time with his wife and child.
Adam Lemon
By Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

DailyForex.com Team
By DailyForex.com Team
The DFX Team at DailyForex is a group of veteran financial analysts, traders, and brokerage industry experts dedicated to producing in-depth broker reviews and cutting-edge market insights, plus analysis of market trends. Holding over 16 years of experience in global financial markets, and 4 B.A. level academic qualifications in relevant degrees, we conduct thorough, unbiased evaluations of brokers to enable traders make informed decisions, using the most advanced methodology in the industry. Also, the DFX team is involved in generating technical analysis, signals, and trading strategies, with a consistent commitment to accuracy and transparency. Whether you’re a beginner or a professional trader, the DFX Team works to ensure you have the tools and insights you need to succeed as a trader in the retail CFD industry.

Bearish view

  • Sell the BTC/USD pair and set a take-profit at 90,500.
  • Add a stop-loss at 105,000.
  • Timeline: 1-2 days.

Bullish view

  • Buy the BTC/USD pair and set a take-profit at 105,000.
  • Add a stop-loss at 90,500.

image

The BTC/USD pair remains in a tight range as many crypto investors remained in the sidelines waiting for the next catalyst. Bitcoin was trading at $95,250, down by about 12% from its highest level this year.

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Bitcoin’s consolidation happened as a sense of fear remained in the market. The fear and greed index has moved from last year’s high of 88 to the fear zone of 36. Bitcoin does well when investors are greedy.

Crypto analysts are optimistic that Bitcoin will bounce back later this year. Anthony Scaramucci, the founder of Skybridge Capital, has predicted that the coin will eventually surge to $200,000 later this year.

In another note, Bernstein analysts predicted that the next leg of Bitcoin surge was just starting. The analysts cited the crypto taskforce by David Sacks that will propose setting a Bitcoin Reserve, the creation of a sovereign wealth fund, and increasing ETF inflows will help to supercharge Bitcoin prices.

The next likely catalyst for the Bitcoin price will be the upcoming Federal Reserve minutes on Wednesday. These minutes will provide more data on what to expect from the Fed in the coming meetings. Bitcoin does well when the Fed is having a dovish tilt.

BTC/USD technical analysis

The daily chart shows that the price of Bitcoin has continued to consolidate in the past few days. It has crashed from a high of 108,093 earlier this month to 96,000. This price action is a normal process in Bitcoin’s performance. Historically, the coin rises and then consolidates for a while and then resumes the uptrend.

Bitcoin has moved slightly below the 50-day moving average. The Percentage Price Oscilator (PPO) and the Relative Strength Index (RSI) have continued falling. Therefore, the BTC/USD pair will likely continue consolidating on Tuesday.

The key support and resistance levels to watch will be at 90,580 and 108,095. A drop below the support at 90,580 will point to more downwards. On the other hand, a strong bullish breakout will be confirmed if the coin rises above 108,093.

EURUSD Chart by TradingView

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Crispus Nyaga
By Crispus Nyaga
Crispus Nyaga is a financial analyst, coach, and trader with more than 8 years in the industry. He has worked for leading companies like ATFX, easyMarkets, and OctaFx. Further, he has published widely in platforms like SeekingAlpha, Investing Cube, Capital.com, and Invezz. In his free time, he likes watching golf and spending time with his wife and child.

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