- The Bitcoin market has seen almost nothing over the last couple of trading sessions as we are trying to sort out what is going to be the case going forward.
All things being equal, this is a market that I think will continue to see a lot of noise. I think it will see a couple of major levels that you need to pay close attention to. Uh, but with this, the 50 day EMA sits right around the $67,000 level. The $67,000 level of course has been important multiple times. So, it would be considered to be a value proposition if you will.
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If We Break Higher…
On the other hand, if we do rally from here, the $73,000 level ends up being a resistance barrier and a potential target in the short term. If we break above the $73,000 level, then it becomes more or less a buy on the dip scenario. If we were to break down below the $73,000 level, then it becomes more or less a buy at the $66,000 level, then the market could go down to the $60,000 level where we see a lot of support as well. Either way, I don't really have much in the way of desire to short this market. I do think it's probably only a matter of time before we take off to the upside. There is a lot of institutional money in the ETF now and therefore it translates to this market acting perhaps a bit more like an index than anything else.
Regardless, I think the thing that you need to pay the most attention to is the fact that the bitcoin market has changed forever. After all, it is now an institutional and Wall Street bank index of value, and it’s going to start to behave more like the S&P 500 from everything I see. Because of this, a lot of the “true believers” may be discouraged before it is all said and done.
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