Bitcoin Price Outlook – Bitcoin Continues to Consolidate in The Same Range

Bitcoin Technical Analysis

The Bitcoin market continues to be very noisy during the trading session on Wednesday, but right now we are sitting just below the 200 day EMA. The 200 day EMA of course is an indicator that a lot of people will be watching closely as it can quite often open up the possibility of changing the trend. That being said, if we can break above there, then the 50 day EMA comes into the picture followed by $90,000 as potential resistance points.

It does look like Bitcoin is at least trying to stabilize and that’s the first sign of life. After all, we’ve seen a pretty vicious drop, but what I’ve been doing, and this is probably true with most people who are longer term traders, I’ve been using this as an opportunity to pick up little bits and pieces of Bitcoin in very small increments, just to gradually build up a position in a process called dollar cost averaging.

The $75,000 level below is a significant support level. And if we were to break down below there, that would be very bad for Bitcoin. But it really comes down to the timeframe that you’re looking at. If you’re a short-term trader, then this is a back and forth range bound market. If you are a longer term trader, then this is a market that might be offering you a little bit of value here. After all, Bitcoin has done this multiple times, there just isn’t really a catalyst to take on a ton of risk here.

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