Bitcoin Price Outlook – Bitcoin Continues to Look for Momentum in this Range

Bitcoin Technical Analysis

The Bitcoin market has shown itself to be rather lackluster again during the early hours on Thursday as we see the 200 day EMA and the 50 day EMA act as a magnet for price if you will. So, with that being said, I think you have to look at this through the prism of a market that will continue to be very noisy, very choppy, but I also suspect that it is a market that is trying to build up the necessary momentum to eventually make a move.

Keep in mind that these moves in Bitcoin are essentially a holding pattern, but I do think longer term traders are starting to look at this through the prism of perhaps buying little bits and pieces, maybe doing a little dollar cost averaging, if you will, as this is a market that clearly has its followers, its true believers. And with the general markets dealing with so much uncertainty, it’s not a huge surprise to see that something as volatile as Bitcoin is struggling a bit.

Nonetheless, I think this is a scenario where traders are going to fall into a couple of different camps. There will be those who are simply ignoring the market, and there will be those who are building a position for a longer term move. I suspect that as soon as we get some type of resolution to the trade tariffs, Bitcoin will take off just if for no other reason than a simple relief rally. Right now, though, we are stuck in a range between $75,000 at the bottom and $90,000 at the top, with the market being just a bit over the midline area. So, we’re slightly leaning to the upside, but ever so slightly.

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