Is Bitcoin trying to break out? Find out here: FOREX Trading
A lot of this comes down to an easing of the geopolitical tensions on the Ukrainian border, and the thinking that the Federal Reserve may not be able to raise interest rates as quickly as once thought. After all, if the interest rates start to rise, that may not be a good thing for Bitcoin. Certainly, it had a lot of large money traders bailing on risk appetite as they had to cover levered trades.
Unfortunately, Bitcoin will continue to move based upon the geopolitical concerns in the risk appetite of traders around the world. It does look as if we are trying to build a bit of a bullish flag though, so that is a good sign as well. Given enough time, it is likely that we will try to take advantage of that, as Bitcoin has been so oversold for so long. Do not get me wrong; this is a market that will try to continue to go higher, but it is going to be very noisy in the short term.
The market is at a significant inflection point, so the next couple of days could determine whether or not we can recapture the magic.
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