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Bitcoin Price Forecast – Bitcoin Continues to Find Buyers

By:
Christopher Lewis
Updated: Feb 19, 2024, 14:21 UTC

Bitcoin rallied slightly during the trading session on Monday, as traders continued to dance around the crucial $52,000 level.

In this article:

Bitcoin Technical Analysis

Bitcoin rallied slightly during the trading session on Monday as we continue to dance around the $52,000 level. Ultimately, I think this is an area that eventually we get through, mainly due to the fact that we just don’t have anything but momentum at the moment. This is a scenario where a lot of people will take a certain amount of comfort in the idea of going sideways in the short term. And therefore, I think the longer we go sideways, the more likely we are to see some type of breakout to the upside. That being said, if we do pull back from here, the 47,500 level is an area that I think a lot of people would be paying attention to as it was previously a resistance barrier. The 20 day EMA is racing towards that area.

So, I think it all comes down to that being an area that I think market memory noise and a lot of traders will come back. On the upside, if we continue to break out, then we go to the $55,000 level, which I think is a pretty easy target, and then after that you’d be looking at $60,000. The Bitcoin market of course has gotten a major boost due to the ETF on Wall Street but keep in mind Wall Street won’t be investing as much as they’ll be pumping this up and handing it off to retail traders. That’s what Wall Street does.

So, the fact that we are a little long in the tooth would make me a little concerned. Make sure you have stop losses in place. And if you’ve been writing this up, certainly don’t let it go, but also don’t let it return back to where it once was because it will eventually do something like that. Wall Street is not exactly the place where you will find all of your long-term true believers. Because of this, they will drop it as soon as there is any hint of trouble, and they will have a lot more money than the retail traders, thereby making them exiting the market much more dangerous.

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About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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