Bitcoin rallied slightly during the trading session on Thursday as we continue to sit just below the $20, level. By doing so, it looks as if the market is trying to convince itself to jump over that level, which of course has a certain amount of psychological importance built into it. Having said that, I do think that this is a market where participation is being gauged at this. Dec 16, · It is likely that we will see the Bitcoin market make another attempt to break above the $20, level, but it should be acknowledged that $20, is a major level in this market. To the downside, I see the $18, level as being massive support, which has been tested a couple of times over the last week or so. Dec 15, · At that point, the market would likely go looking towards the $22, level, as the market does tend to move in $ increments over the longer term. I have no interest in shorting this market, because every time you think the Bitcoin market is going .
Bitcoin market daily analysisBitcoin Price Analysis: BTCUSD Breakout Bursts Through Big Resistance
I have no interest in shorting this market, because every time you think the Bitcoin market is going to fall apart, there are plenty of buyers to step in and pick it up. Given that, it is difficult to imagine a scenario in which sellers would overtake the market. Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy. Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions.
Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed. It is difficult to imagine a scenario in which sellers would overtake the market. Looking for a top-rated broker that offers both crypto and Forex trading? Christopher Lewis. Also on DailyForex.
Advertisement Recent volatility has made some great Bitcoin trading opportunities - Get in now! We have bounced from there slightly, but we are still likely to continue to see more selling, simply because the market has a lot of work to do in order to digest the massive gains that were previously seen.
We had formed a hammer during the trading session on Wednesday, and the Thursday candlestick does seem to back that up. We probably will continue to go lower in the short term, but eventually we will see a turnaround.
What is interesting is that the US dollar had fallen during the day, but Bitcoin did not take advantage of it. I do not think this means anything other than that fact that Bitcoin might be overextended at the moment, which should be obvious for anybody who has been paying attention.
Remember, this is where the market fell apart a few years ago and completely crashed. I do not think that is about to happen now, but there is a certain amount of psychological resistance in this area. It would not surprise me at all if a lot of retail traders are simply cashing out at this point just to get back to breakeven.
What is needed next is going to be a fundamental reason to buy Bitcoin. This will probably be the US dollar declining further, but right now killing time is probably the most likely of scenarios going forward. Remember, Bitcoin does tend to move very wildly in short bursts, and then go sideways for what seems like forever. Because of this, none of this action that I see on the chart is particularly unique at this point.