So, it’ll be interesting to see what that does with Bitcoin price because the Federal Reserve may not be loosening as quickly as a lot of people hope. Even if we do continue to fall from here, I think there is a significant area of importance near the $74,000 level, as it was a major resistance barrier previously. And that would just make this a simple breakout, pull back, and retest type of setup that you get on a lot of breakouts.
On the other hand, though, if we do break above that $90,000 level, I will immediately start focusing on the 50 day EMA, which is nearly $96,000 above there as a potential target. Longer term, I still through conversations with colleagues understand that most people are just buying the dip anyway, and then eventually Bitcoin will bounce, but the question of course is when. This is why you don’t use a lot of leverage with Bitcoin.
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