Bitcoin Daily Forecast - 21 June 2019

Bitcoin rallied just a bit during the trading session on Thursday, as we continue to see a bit of a “risk on” move, as the US dollar has gotten hammered after the dovish Federal Reserve. With that in mind, it makes sense that Bitcoin gains against it. That being said, I believe there is plenty of support below that will be looking at getting involved in what is an obvious uptrend.

The market has been in a bit of an up trending channel that I have marked on the chart as well, and I think that the market has become an obvious long at this point, but we are getting closer to the $10,000 level, which of course will cause quite a bit of psychological resistance and of course interest by traders around the world. After all, it wasn’t that long ago that Bitcoin was essentially dead.

Looking at this chart, I think that we could go to the $9000 level underneath where buyers have shown a in the last couple of days, but beyond that we could go down to the $8500 level, possibly even the $8000 level under that which is even more support. The 50 day EMA is just below there and moving north, so I think it’s only a matter time before value hunters would get involved. I have no interest in shorting this market right now, because I think that the US dollar is going to be a short against most fiat currencies let alone crypto.

I think that it will take several attempts to get above the $10,000 level, as it would be a significant turn of events and a major newsworthy event as well. Overall, I think that this is a market that has gotten a bit ahead of itself though, so I’m looking for a bit of weakness that I can take advantage of.

BTCUSD

Christopher Lewis

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.