In this video, the Trader Guy looks at the cryptocurrency, bitcoin for the January 16th session.
Bitcoin/USD — As you can see, the market has drifted a little bit lower after initially trying to rally during the day. Really at this point, the only thing I would say is, this is where the Chicago Futures market was opened. And we saw a high to the market and fell to the downside after that. A lot of larger institutional investors think that we are probably going to higher in the long-term. The only significant volume we have seen has been to the downside. We are consolidating between 17,000 and 12,000 levels. Short-term rallies are seen as selling opportunities. If we break down below 12,000, then we go to 10,000, and then 8,000. I just don’t see this market taking off. So, I think this market is going to act a lot like currency market. It is not until we break above 17,000, we can consider putting money to work in the long-term.
© Prabhu for Forex Videos, 2018. |
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