- Bitcoin initially plunged during the trading session on Monday reaching down to the $90,000 level before turning back around and showing signs of life.
- By doing so it looks like the market is likely to continue to see a lot of people involved in this market in order to try to pick up cheap coins every time we pull back.
- I do think at this point in time we are more or less doing what we can to work off some of the excess froth from the two massive shots higher we had over the last year.
Now it would not surprise me all to see Bitcoin go sideways for quite some time, perhaps even months. I use dips at this point in time as buying opportunities and I think a lot of traders will do the same. If we were to break down below the $88,000 level then it's likely that we could go down to the $74,000 level, which was where we had previously seen a lot of resistance. Anything below there would be really ugly, actually, but I don't see that happening.
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On the Upside…
On the other hand, if we can turn around and break above the $96,000 level, then it's possible that we could go looking to the $100,000 level. Anything above there, we could go looking to the $108,000 level, which would just be the top of what I see as the overall consolidation zone. Higher interest rates in America continue to plague risk asset options such as Bitcoin, so keep that in mind. But at this point, I think we're just simply going back and forth, and we're at the bottom of the range for the time being. This could end up being a buying opportunity, but you need to let the market show you this before putting money to work.
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