The Bitcoin market is up slightly during the Wednesday session, as we continue to see a lot of noisy behavior. However, the market will probably be very noisy, to say the least, so I think volatility is something we will need to get used to. The 50 day moving average is at the top and sloping down. The market is likely to see dynamic resistance because of this, and we could see sellers return to the market at the first signs of exhaustion. Furthermore, we need to pay attention to the recent rally and the $24,000 level.
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If we break above this rally, we could head towards the $28,000 level. The $28,000 level is the start of the next major resistance barrier extending to the $32,000 level. If we break that level, we can go up much more. With this said, it is very likely that we will see fatigue above all else. Signs of exhaustion will be seen as potential opportunities because frankly Bitcoin still has a long way to go before it changes its overall stance.
Since the US Central Bank is very strict, along with many other banks, It is very likely that cryptocurrency markets around the world will continue to struggle. While Bitcoin is the leader, the truth is that it will be “less bad” than others. If we break below the $18,000 level, this market could break down rather quickly, and could reach the $15,000 level, and maybe even the $12,000 level.
The $12,000 level below has been significant many times over the past several years, So I think there can be a lot of people who are looking to get involved and build a bigger position with him. I think this is where to make money next time, and build a long-term position for the next higher move. Although the market has been relatively bullish over the past 24 hours, it is hard to believe that we have completely changed our stance, so it is more likely to look for a breakdown to start buying.
The chart was generated by . platform TradingView