There have been horrific losses as of late, and it looks like there is no real demand for Bitcoin going forward.

The Bitcoin market went back and forth on Tuesday as we continue to see negativity, but eventually, the market needs to take a bit of a breath. That’s what we saw on Tuesday, as markets don’t go in the same direction forever. At this point, it’s likely that we will see rallies sold into, as Bitcoin is nothing short of dead money. Even if we do get a nasty rally, it’s going to be very difficult for Bitcoin to break above the $32,000 level.

Speaking of the $32,000 level, the 50-day EMA is sitting at that area and drifting lower. The 50-day EMA tends to be an indicator that a lot of people pay attention to, so it’s likely that we would see further downside even if we do get to that area as a lot of people who “bought the dip” as Bitcoin started to hang around the $30,000 level will be looking to get out at break-even if they can. After all, there have been horrific losses as of late, and it looks like there is no real demand for Bitcoin going forward.

We have yet to see a real-life use case for Bitcoin. Although there have been a few examples here and there, it just has not seen the widespread adoption that people would need to get involved then to make Bitcoin worth anything. Yes, I recognize that Bitcoin has been bid up rather high, but I look at it as a speculative instrument, simply digits on a computer that I can trade back and forth. That’s not me deriding Bitcoin, because I feel the same way about foreign currency markets.

On the other hand, if we do break down below the bottom of the candlestick for Tuesday, that means that we will see even more negativity, and Bitcoin will attack the $20,000 level. I fully anticipate this happening sooner or later, and for that matter, I believe that Bitcoin will break through it. At this point, I have a price target of $12,000, and there’s not much on the longer-term charts that suggest we could not get down to that area. As far as buying is concerned, the best-case scenario I can think of is that we fall rather hard, do nothing for several months or years, and start accumulating again like we did last time Bitcoin fell apart.

Spot natural gas prices (CFDS ON NATURAL GAS) settled on a rise in its recent trading at intraday levels, to achieve slight daily gains until the moment of writing this report, by 0.13%. It settled at the price of $9,300 per million British thermal units, after rising slightly during yesterday’s trading by It reached 0.15%.

In a quieter session on Tuesday, natural gas futures failed to sustain early gains as traders took profits. Gas futures for July settled at $9.293 per million British thermal units, compared to 2.9 cents a day. The August futures contract fell by 2.8 cents to $9.278.

NGI’s Spot Gas National Avg spot gas prices have moved higher again, with temperatures rising across Texas in the US and much of the South.

Long-term forecasts from the US National Weather Service expect most of the country to see normal temperatures or above seasonal temperatures for the six to 14-day forecast period, driving up demand for cooling.

At the same time, production was struggling to break free from the low range into the mid-1990s, and analysts said nearly 97 billion cubic feet per day was needed to start easing the pressure.

Record gas demand during the winter season led to the largest drop in storage stocks in the past four years, according to the US Energy Information Administration (EIA). Net withdrawals were 2.264 billion cubic feet in the November-March period, leaving inventories at 1,401 billion cubic feet. Although this was well below last year’s levels and the five-year average, the EIA said stocks were 11 billion cubic feet higher than in March 2018.

Technically, the price stops a little during a short break in which to reap its profits, and not to gather its positive forces that may help it recover and rise again. This comes from the dominance of the main bullish trend in the medium and short term along a slope line, as shown in the attached chart for a period of time (daily). The continuation of the positive support for its trading above its simple moving average for the previous 50 days, has the influx of positive signals on the relative strength indicators.

Therefore, our positive expectations remain as they are. We expect natural gas to rise during its upcoming trading, as long as it remains above the support level 8.870, to target the first near resistance levels at 9.550.

We expect natural gas to rise during its upcoming trading.

Spot natural gas prices (CFDS ON NATURAL GAS) declined in their recent trading at the intraday levels, to record daily losses until the moment of writing this report, by -2.46%. It settled at the price of $8.017 per million British thermal units, after declining in yesterday’s trading by -0.58%. .

Natural gas futures traded in a narrow range of gains and losses during most of the trading on Wednesday, but the spot month contract finally rose for the third day in a row as demand appeared to outpace supply.

Nymex June gas futures settled at $8,368 per million British thermal units, up 6.4 cents on the day. While the July contract rose 6.1 cents to $8.455.

Production in the United States fell on the third day to about 93.7 billion cubic feet, according to Bloomberg estimates. Production is down 1% per day and has settled well below 97 billion cubic feet in recent months. Pipeline maintenance has proven to be a constant drag on production when demand is strong.

US LNG volumes on Wednesday were comfortably above 12 billion cubic feet for a third consecutive day amid strong demand, according to NGI estimates. Europe has stepped up calls for US exports of cryogenic fuels to replace Russian supplies. Countries across the continent are demanding US LNG as part of ongoing efforts to significantly reduce dependence on Russian gas before next winter.

Meanwhile, US Treasury Secretary Janet Yellen said in a speech this week: “Russia’s war and its recent decision to cut gas supplies to Poland and Bulgaria, and to similarly threaten other countries, show that it is not a reliable partner.” “The United States is committed to working with Europe … to meet its energy needs, while also breaking dependence on Russian energy, and this includes working with other partners to increase the volume of LNG exports to Europe,” Yellen added.

Technically, the price is trying in its recent trading to take a truce to take a breath and reap the profits of its recent gains, amid complete control of the main bullish trend in the medium and short term along a slope line, as shown in the attached chart for a (daily) period, supported by its continuous trading above its 50-day simple moving average. In addition, we notice the influx of positive signals on the RSI indicators.

Therefore, we expect natural gas to rise during its upcoming trading, provided that it first breaches the current resistance 8.054, after which it will target the pivotal resistance level 8.870.