Bitcoin Daily Forecast - 12 November 2018

BTC/USD

Bitcoin markets fell during the trading session on Friday, reaching down towards the $6400 level. The candle stick of course is very negative for the day, and I think we will probably continue to go even lower. At this point, the market looks likely to continue to find sellers, and quite frankly bitcoin is all over the place but yet going nowhere at the same time. There is no catalyst to push this market in any particular direction, but the one good thing I can say about the pricing is that at least we have been able to hold the $6000 level.

The longest time, the downtrend line, and the potential descending triangle signal that we could’ve actually gone to zero dollars! Now I never really believe that was going to be the case, but I think this brings into question a lot of things about bitcoin and crypto in general. While there has previously been a lot of speculation in this part of the world, the reality is that adoption just simply hasn’t happened. There are some uses for it in the real world, but those uses are far and few between.

I also have a problem with the idea of cryptocurrency taking off, because while I believe that there is a certain libertarian ideal to getting away from central banks, something that I certainly would support, the reality is that the average person won’t. They go with what’s comfortable, and don’t really do what’s necessarily in their best interests. It’s about convenience, and I think it makes sense that central banks adopt cryptocurrency, and some already are trying to start implementing them. Granted, most of it is being done by minor central banks such as Hungary and the Bahamas, but one would have to think that the Federal Reserve is watching with great interest. As soon as the Federal Reserve decides to implement crypto, then I think the average consumer will use that, not bitcoin. I think this is why you see a real lack of interest in this market.

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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.