Bitcoin rallied significantly during the trading session on Monday, reaching towards the $16,500 level on the BITSTAMP exchange, and as a result it’s likely that the market should continue to try to break out to the upside, and as a result I think that we will eventually test the $17,000 level, and perhaps even go higher than that. Currently, it looks like the market is respecting the 20 SMA on the hourly chart, and because of this, I think that we will continue to see buyers look at pullbacks as buying opportunities. If we were to break down below the $15,000 level, that could lead to a rather significant bounce around and perhaps a longer-term buying opportunity. Ultimately, if we do breakout to the upside, then I think that the next obvious target will be the $18,000 level. Longer-term, I believe that the $20,000 level is probably going to be targeted as well.
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The volatility in this market should continue, as the futures markets have obviously attracted a lot of institutional money, and of course, has put the idea of Bitcoin in the crosshairs of the major media. In general, I think that we are going to continue to see a significant amount of volatility because of new money coming back into the marketplace. I think that once the markets stabilizing get used to the idea of a futures market that is regulated, that perhaps Bitcoin will act more like a currency. Because of this, I believe that we are getting close to the end of the massive run a higher and the overextension of buying pressure. This will be interesting, because then it becomes an institutional game, not a retail game.
BTC/USD Video 12.12.17
We have seen a strong run-up during the day after the futures exchange nftgamef.com a but as I record this we are only up 10%, which all things being equal is not that impressive considering we’ve seen even bigger run-ups in this market without it. I think at the end of the day, we are starting to see Bitcoin run out of momentum, and eventually, we will see a massive pullback. Think of it this way: if you are institutional money that has been buying Bitcoin for some time, you can then hedge your position by shorting the futures contract. In other words, big money has taken over or is at least in the process of doing so. I suspect that if we don’t get a complete breakdown of the currency, which I don’t believe we are going to zero, this will eventually feel very much like the EUR/USD pair. In the meantime, it looks as if we are trying to go higher, and I think $20,000 will eventually be targeted, but the move to that level might be slower than many of you are expecting.
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This article was originally posted on FX Empire
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