Bitcoin has been noisy on Tuesday, as we continue to see this market try to turn things around. Having said that, this is a market that is going to have a long fight ahead.
BTC/USD
Bitcoin has been noisy during the Tuesday session, which is not a huge surprise considering that it went straight up in the air for about 4 or 5 days. Bitcoin recently formed a pretty significant ascending triangle at the crucial region of $60,000. The $60,000 level is a large round psychologically significant figure that a lot of people will of course be watching.
The fact that we gave back early gains is probably not a huge surprise. The markets have been pretty jittery in general during the session on Tuesday, so of course Bitcoin would take it on the chin. Furthermore, I think a little bit of a pullback probably brings more value hunters back into the market and I'll be watching the $64,000 level very closely as it was the top of the ascending triangle that had been formed.
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Technical Support and Moving Averages
Ultimately, if we can find a little bit of a bounce on a pullback, I think traders will get involved and try to push Bitcoin back toward the 50-day EMA, which is near the $70,500 level. This is my target, but at the end of the day, the reality is that it could be a slow grind higher more than anything else. This is of course assuming that we get no market moving headlines – something that is very common these days.
With this, I do believe that there's an opportunity here, but if we were to break down below the $62,000 level, then I would be very concerned. Interest rates in the United States are falling, that should help Bitcoin in general, but that doesn't mean that it has to happen every day. So be prepared for a fight, but it looks like Bitcoin is trying.
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