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BTC/USD: Short-Term Speculative Considerations and Wagers

BTC/USD often seems to trade within its own speculative world, but traders should note the financial world is showing cautious behavior.

BTC/USD is trading near 26,275.00 as of this writing, and within the perception of short-term considerations, the digital asset is traversing within the higher realms of its one-week technical price. BTCC/USD has challenged a high of around 26,540.00 twice this week. The near-term high was hit on Tuesday and then BTC/USD came within sight of the higher ratio late last night.

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    Since hitting these upper realms BTC/USD has reversed to its current values it is trading at now, however what may catch the interest of short-term speculators is that this morning’s low of nearly 26,140.00 was above the low seen around 25,770.00 which was seen early yesterday. This may lead some speculators to believe there is a potential for another attack higher by Bitcoin if current support levels hold.

    BTC/USD Remains within the Lower Depths of its Mid-Term Technical Charts

    BTC/USD remains and could always stay a purely speculative digital asset for day traders who enjoy a taste of trading adventure. BTC/USD remains within the lower boundaries of its six-month chart and in early trading this week there was a sincere challenge to the 25,000.00 level on Monday, which seemingly sparked a swift buying spurt and eventually resulted in Tuesday’s high water mark.

    Nervous sentiment remains high in the cryptocurrency world no matter what influencers say, Binance exchange remains under a glaring spotlight and its troubles may continue to produce significant headwinds and dangers for the entire market. BTC/USD may find speculative interest if it is able to sustain values above current support levels near the 26,150.00 ratio.

    • If BTC/USD were to fall below the 26,000.00 mark in the short term this could be a signal additional selling will be fueled and another test around the 25,800.00 to 25,600.00 values could occur.
    • If BTC/USD pushed above the 26,350.00 level this morning and sustained price action, another test of the 26,500.00 level could be seen.
    • Short-term speculators should keep their eyes on the 26,600.00 to 26,700.00 prices. If this resistance proves vulnerable a run towards 27,000.00 would not be surprising.

    Broad Market Action is Nervous and BTC/USD could feel the Pressure

    BTC/USD often seems to trade within its own speculative world, but traders should note the financial world is showing cautious behavior. BTC/USD certainly tested lows early this week not seen since the second week of June. Dangerous moves lower can and will continue to happen. However, short-term speculators may feel enticed to pursue a speculative wager on higher values to develop near-term. Entry price, stop loss, and take profit orders as always when trading BTC/USD is highly encouraged.

    Bitcoin Short-Term Outlook:

    Current Resistance: 26,375.00

    Current Support: 26,150.00

    High Target: 26,550.00

    Low Target: 25,750.00

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    Robert Petrucci
    About Robert Petrucci
    Robert Petrucci has worked in the Forex, commodity, and financial profession since 1993. Important aspects of his work involve risk analysis and advisory services. As an advisor in a Family Office he maintains a conservative approach for wealth management and investments. Robert also works in private finance with investors and companies delivering financial and management services.

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