The cryptocurrency market is still in a downward trend. It is now increasingly clear that BTC / USD will end up testing at least $ 6,000, if not less. The reason I say $ 6,000 is that it is strong psychological support. When the price rose above this level after a temporary low of $ 3,132, it was seen as the start of a new bull market operated by the vast majority of traders in this market. While this may not seem as convincing to most of these traders as it used to be, they still expect the price to drop to that level. BTC / USD is currently trading well below the 200-day moving average and has a strong downtrend. However, we need a break below $ 6,000 to see an aggressive drop.
Most cryptocurrency traders are interested in how to trade it, as it makes no difference to a trader whether the price will go up or down as long as there is an exchange to be made. The current outlook for BTC / USD in the short term appears to be slightly optimistic, with the potential for a recovery towards the level of $ 7.4000. It could extend in the event of another short press if it looks like the one we saw earlier this week. During the 4 hour period, the BTC / USD already tested the moving average of 200 and was rejected. This means that the price does not necessarily have to go up as high. In any case, there is no reason to become bearish in the short term. If the price drops below $ 7,000, it is very likely to do so after some sort of lateral movement that shows enough weakness to indicate more clearly what might follow next.
The short-term outlook for the EUR / USD currency market has changed. While we can still expect a short-lived upward movement in Bitcoin (BTC) and the rest of the cryptocurrency market, it’s important to know that the price of Bitcoin (BTC) will follow the EUR currency pair. / USD when there is one. broader established position trends. We may not stay in sync in the short term, but if the EUR / USD currency pair continues to fall, Bitcoin (BTC) is not expected to hold.
Large investors in most emerging markets are looking to larger markets to determine what might happen next. In this market, most of these investors determine the direction of Bitcoin (BTC) and other cryptocurrencies. Being a very small market compared to the stock market or other emerging markets is very easy to handle. For some, it would be an excuse not to take advantage of the opportunities in this market, for others, it could only be the reality they need to develop strategies to stay under the radar and the movements of market makers and whales. benefit. Even if the BTC / USD is more likely to fall in the long term, it is important to be fast enough to react to market developments in the short term.