Has Trading Bitcoin Changed?
I do think that we are entering a new phase of trading in Bitcoin anyway, because the last two moves have been purely fundamental and not technical. That's not a huge surprise because institutions are now involved. The first move was the introduction of the Bitcoin ETF on Wall Street, which obviously is an institutional move as they jumped in. And then we sat there for about seven months.
(Click on image to enlarge)
The next move was the election of Donald Trump because he's knowingly spouting about being pro crypto. So now Wall Street and the institutional traders who are the ones who are moving this market are waiting around to see if he's actually going to do anything. If he doesn't, that could be very bad news for Bitcoin. I do think he does something, but the question is how much or how long will it take, that kind of thing. In the meantime, I think we're in a very tight range of about $20,000 and we'll probably continue to be for the foreseeable future with $90,000 underneath being support and $110,000 above being resistance. As things stand right now, we're just a bit under fair value.
More By This Author:
AUD/USD Forex Signal: Bullish Outlook Ahead Of RBA Decision
NZD/USD Forecast Ahead Of RBNZ Decision, FOMC Minutes
BTC/USD Forex Signal: Neutral Outlook With A Bearish Bias
Comments
Log in or sign up to join the conversation.