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BTC/USD Forecast: Strong with Resistance

  • Bitcoin has stalled a little bit at the $66,000 level, which is an area that has been important previously.
  • With that being said, I think that if we can break above that level, then it's possible that we could go looking to the $73,000 level.
  • This is an area that has recently seen a lot of resistance, so it does make sense that would end up being a bit of a target.
  • If we can break above there it would obviously say a lot of things, but right now it is going to be a market that simply looks at that as a potential possibility.

Short-term pullbacks should be buying opportunities

Short-term pullbacks should continue to be buying opportunities with the 50-day EMA below and the $60,000 level both offering support. Ultimately, I don't have any interest in trying to short this market and I think that pullbacks continue to be buying opportunities. In fact, that's exactly how I'm going to trade the BTC/USD market because I do believe that we have a range that is very much intact.

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    The support level at the $60,000 level is crucial, but you should keep in mind that it extends down to the $57,000 level. If we can break out to the outside and clear the $73,000 level, then I think Bitcoin has much further to go. Quite frankly, I think it's probably only a matter of time before all that happens anyways.

    BTC/USD ForecastToday 17/5: Strong with Resistance (graph)

    But at this point in time, I like the idea of looking for a little bit of value and taking advantage of it. In general, this is a market that I think continues to see a lot of volatility. But as long as people are worried about the Federal Reserve loosening monetary policy decisions, and of course, cutting back a little bit on quantitative tightening through its balance sheet, it does make a certain amount of sense that Bitcoin will continue to try to go higher. As long as that’s the case, I think that there will be plenty of people out there willing to get involved in bitcoin still.

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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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