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Bitcoin Forecast: Continues to go Sideways

Bitcoin is highly sensitive to risk appetite and it’s very likely that we will continue to see the lack of risk-taking as a headwind when it comes to the idea of the market turnaround. 

The BTC/USD market has risen slightly during the trading session on Thursday, as we are sitting on top of the 50-Day EMA. The 50-Day EMA of course is an indicator that a lot of people will be paying attention to, but if we break down below it, then it opens the possibility of a move to the downside. The $20,000 level seems to be a bit of a magnet for prices as well, but quite frankly this is a market that I think continues to see a lot of downward pressure.

Bitcoin is highly sensitive to risk appetite and it’s very likely that we will continue to see the lack of risk-taking as a headwind when it comes to the idea of the market turnaround. The market has been banging around between the $18,000 level on the bottom and the $25,000 level above. That’s about a $7000 range, which is typical for Bitcoin, and therefore it’s likely that we continue to see a lot of back-and-forth noise as we just don’t have any real catalyst for a bigger move.

Bitcoin Expected to Struggle

If we were to break down below the $18,000 level, it’s likely that Bitcoin will unwind quite a bit. It is worth noting that Bitcoin has done reasonably well during the day considering that the US dollar has been strengthening at the same time. I do think that Bitcoin is going to struggle for a while, and at the very best-case scenario being a situation where we are going to go back and forth and kill time.

One situation that we could be looking at is accumulation, but that would take quite a bit of upward momentum eventually to make that be proven. If you are a longer-term holder, then it’s possible that you may be buying little bits and pieces, but more likely than not it’s likely that we will see more of a range bound and back-and-forth type of situation. Keep in mind that we have been in a downtrend for ages, and now the question is whether we are going to continue to go lower? I think that’s more likely than not going to be the case, but I will only follow what the market does. Above $25,000 is a bullish sign, and below $18,000 is a selling signal.


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Christopher Lewis
About 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.

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