Bitcoin threatens major resistance FOREX CRYPTO BITCOIN
, but we are at a place where you would expect to see some trouble. Keep in mind that Monday was Martin Luther King Jr. Day in the United States, so a lot of institutions weren’t even involved. Whether or not there’s enough momentum to continue going higher is a completely open question, but it certainly looks as if we are in a place where you would expect to see the market selloff. We are overstretched, facing the 200-Day, and a huge selling area where we had fallen apart previously.
After all, it’s difficult to ascertain as to who is throwing money at this market, but I would say that it has behaved quite well considering that FTX, Gemini, and several other Ponzi schemes and frauds have been uncovered in the last couple of weeks. Perhaps it is people out there willing to bet that the bottom is in because quite frankly we stop selling off on what should be horrible news.
Whether or not that’s going to be the case remains to be seen, but I can see the logic behind that. I’ll be watching this chart closely, but I think if it gives up the psychologically important $20,000 level, we will see a resumption of the downtrend.
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