Bitcoin Price Outlook – Bitcoin Continues to Find Buyers on Dips

Bitcoin Technical Analysis

Bitcoin rallied rather significantly in the early hours of Tuesday, testing the top of the candlestick from the Monday session. And it now looks like the 50 day EMA is yet again, offering support. It’s also worth noting that the $90,000 level is just below there and extending down to the $88,000 level. So, I think you’ve got a situation where there’s a range of support that will continue to be of importance.

If we can rally from here, I think we’ve got a situation where the market will probably go looking to the $100,000 level, which has offered a bit of a barrier as of late, and a break above that, I think, then opens up the possibility of a wider consolidation area between $90,000 and $110,000, roughly. That would make a certain amount of sense.

The market went straight up in the air a couple of times this year, if you look at it. After the ETF announcement, we rallied from basically 40,000 to 74,000. And then recently after the Trump inauguration, we saw this thing just launched from 74,000 to 108,000 or so. So, with all of that, with that type of movement, it does make sense that we have to take our time.

This might be a good time to accumulate Bitcoin if you’re more of a longer term trader. And if you’re a range bound trader, it’s a back and forth opportunity. Eventually we will break in one direction or the other. And if we were to break down from here, that could open up buying points near the $74,000 level. And I think you would see a lot of people interested in that. So, I remain positive on Bitcoin longer term, but right now, I think it’s just killing time.

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