Bitcoin Price Outlook – Bitcoin Continues to Find Buyers on Dips

Bitcoin Technical Analysis

The Bitcoin market initially pulled back just a bit during the early hours on Tuesday, but then turned around to show signs of life again. By doing so, the market looks like it is trying to do everything it can to continue to recover, and I also think you have to understand that this is a market that has just bounced from the 50 day EMA. And that in and of itself probably will cause technical traders to jump in.

After all, the $93,500 region has been supported a couple of times in the past now, and I think we are going to try to rally and raise towards the $100,000 level. If we can break above there, then that would obviously be a bullish sign. Overall, I think we’re in the midst of trying to sort out the next range for Bitcoin, and right now it looks like the $90,000 level underneath will be a major floor.

The 110,000 level above could be a major ceiling, and $100,000 might end up being fair value at this juncture. I have no interest in shorting Bitcoin, but I also recognize that this time of year, we might be just simply grinding back and forth. That’s okay, for those who truly believe in Bitcoin over the longer term, we’ll be buying it. They will accumulate. If we were to break down below the $88,000 level, then the correction gets quite a bit deeper, we’ll see how that plays out. I think ultimately you have a market that probably goes higher over the longer term, but a bit of patience might be necessary.

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