The BTCUSD has pulled back just a bit during the trading session on Monday, as we continue to see very quiet trading- forextrade forextrading
, so I think a lot of people will be paying close attention to it. After all, has offered quite a bit of support, and has been important in the past. If we were to break down below there, it really could open the possibility of significant selling, and therefore it’s likely that Bitcoin would collapse down to the 15,000 level, possibly even down to the $12,000 level, where we had taken off from for this latest bullish run.
If we were to break above there, then you can start to make a significant push toward a bullish market. All things being equal, I think you are going to continue to see a lot of people and for this, but the fundamentals just don’t line up quite yet. I think we continue to trade in a tight range, and therefore I think it’s worth looking at both the bottom and the top of the range, which I have marked clearly on the chart in a $7000 range. Ultimately, we will break out of this range and depending on which direction, we could have a huge move. This market continues to suffer at the hands of tight monetary policy, and a strengthening US dollar.
remains tight, a lot of institutional money may avoid Bitcoin. The question now is going to be whether this is accumulation, or if it is just simple consolidation on the way lower.
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