Bitcoin continues to search for bottom. The question now is how much further will bitcoin fall? Bitcointrading BTCUSD
here at Daily Forex, you know that I had talked previously about the possibility of the $40,000 level being the “floor.” We will see if that holds true, but it certainly looks as if we may drift a little bit lower in order to find that. That is not uncommon for Bitcoin to lose 40% of its value, which would be roughly about what that would mean. At this point in time,
I look at pullbacks like this as an opportunity to buy a little bit, but I do not necessarily jump “all in” in order to protect myself as Bitcoin can fall, or rise for that matter, much farther than we anticipatedThe 50 day EMA is driving lower, and it looks as if it is trying to get down to the 200 day EMA, forming the so-called “death cross.” That technical set up typically runs very late, and quite frankly you can lose a lot of money trading based on that alone.
The job summer comes out on Friday so that may cause a little bit of noise in the US dollar, but ultimately it looks as if we are starting to at least get close to finding a bottom
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