Potential signal
If we can recapture $72,000 on a four-hour chart, I am a buyer with a stop at $71,500 level.
I am looking to get to the $82,000 level.
Bitcoin fell fairly hard during the trading session on Thursday as we continue to see a lot of noise in geopolitics and bond markets, which of course has carried over to the Bitcoin market.
I am looking at this market very closely because quite frankly this is a situation where I think you have to recognize that Bitcoin rallying the way it has or at the very least staying somewhat stable is rather impressive considering just how the market has plenty to worry about. This is a market that has flown in the face of the geopolitical issues and headlines out there.
The 50-day EMA being broken above but then the market rolling over and falling back below there shows just how much confusion there is. I think this is a scenario where buyers probably continue to look for some type of value, but they also recognize that the Bitcoin market will face a lot of headwinds due to risk appetite destruction.
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Market Volatility and Value Potential
Interest rates in the United States spiked during the session so that also caused some issues. A multitude of reasons are out there causing headlines and therefore you would have to assume that there is plenty of noise to cause the market to behave quite erratically.
That being said if we recapture the $72,000 level then I believe this is a market that is going to continue to build on that basing pattern that we started over the last couple of weeks.
Quite frankly, despite the fact that war has caused chaos in various financial markets, the reality is that Bitcoin fell apart before the war so maybe there are people out there looking at this as a value play.
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