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We are in the midst of “crypto winter”, so you should be aware of the fact that the market may be a little lackluster.
- The BTC/USD currency pair went back and forth on Wednesday as it looks like we are not quite ready to go anywhere.
- That being said, it’s worth noting that we have been consolidating rather tightly, so one would think that sooner or later we should get some type of momentum into this market.
Support at 50-Day EMA
Underneath, the 50-day EMA sits just below the $22,000 level, an area that has been important previously. The 50-day EMA should offer dynamic support, so if we were to break down below that level it’s likely that we would see Bitcoin go lower. In that scenario, I would anticipate that the market probably falls down to the $20,000 level. That’s an area that I think will attract a lot of attention, not only from a structural standpoint but also quite a bit of attention due to the psychology of that big figure.
On the other hand, if the market were to turn around a break above the $25,000 level, that would be very bullish for Bitcoin. In the short term, I could see this market going to the $28,000 level. The $20,000 level should be significant resistance, and I believe that resistance will extend all the way to the $32,000 level. If the $32,000 level was broken to the upside, it’s at that point that I think we would have entered a new bull run.
In the meantime, I anticipate a lot of choppy and sideways action, because there’s no real catalyst for Bitcoin to go higher. Ethereum does have a little bit of a catalyst, and that could cause a little bit of a knock-on effect over here, but I would not hold my breath for that. With the upgrades coming to the Ethereum network seemingly on time, we have seen Ethereum outperform Bitcoin. The market is likely to continue seeing noisy behavior, and you need to be cautious about your position sizing. However, if you are a longer-term trader, then you may look at each dip as a potential opportunity to pick up a bit of Bitcoin, and the anticipation of another bullish run. That being said, we are in the midst of “crypto winter”, so you should be aware of the fact that the market may be a little lackluster.
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