Bitcoin Searches for Momentum
Enter your emailAlthough Bitcoin is not likely to do well in this type of economic environment, the most vicious part of the selling is behind us. The Bitcoin market looks as if it is running out of momentum. This is one of those situations where you have to be careful about your
, because you could make a serious argument for a bullish flag, but at the same time you can make an argument that the 50 day EMA and the 200 day EMA are both working against Bitcoin.In this type of environment, I do not think that Bitcoin does very well. Any time there is a major “risk off” attitude to the markets, it is hard to imagine something as speculative as crypto taking off for a longer-term move.
To the downside, I believe that the $40,000 level will offer a significant amount of support, based upon psychology. After that, then we could be looking at the $35,000 level which we have tested recently. I do believe that although Bitcoin is not likely to do well in this type of economic environment, the most vicious part of the selling is behind us.
With that in mind, this is a market that longer-term investors are trying to build up a position in. Because of this, I think you need to look for dips to take advantage of any type of value.
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