BTC/USD Forecast: Continues To Grind Sideway

BTC/USD Forecast Today 19/02: Grinding Sideways (Chart)

At this point in time, it appears that most people are paying attention to the US government, trying to figure out what they are going to do about crypto. After all, the new administration is pro crypto, but that doesn’t necessarily mean that anything is going to happen. In fact, nothing has so far. That being said, it’s also worth noting that the administration has only been in power for roughly a month, and it’s difficult to imagine a scenario where crypto was its number one priority.

Because of this, I think the market will remain in a bit of a holding pattern, not only due to the regulatory questions, but also the fact that the Federal Reserve looks like it’s going to remain tight for longer than originally anticipated, and that of course means that money won’t flow to higher risk assets as quickly. This is exactly what Bitcoin needs, because it was initially a result of “ultra loose monetary policy.” Now that we don’t have that, you will find that Bitcoin doesn’t behave as well.

 

Technical Analysis

The technical analysis is somewhat neutral at the moment, and I do think that we continue to bounce around between the $90,000 level on the bottom, which I think also extends down to the $88,000 level as support, and the $110,000 level above as a significant resistance barrier. I think most people right now are just looking at this as a potential consolidation pattern that they can take advantage of and continue to accumulate. In fact, I buy a little bit every time it dips, but I don’t get aggressively bullish at this point.


More By This Author:

EUR/USD Forecast: Struggles At 1.05 Resistance
BTC/USD Forecast: Struggling With Momentum
USD/CHF Forex Signal: Testing The Floor

Disclosure: DailyForex will not be held liable for any loss or damage resulting from reliance on the information contained within this website including market news, analysis, trading signals ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.
Or Sign in with