Bitcoin Price Outlook – Bitcoin Continues to Look Strong After Big Move

Bitcoin Technical Analysis

The Bitcoin market has gone back and forth during the early hours on Thursday as we continue to hang around the $90,000 level. The $90,000 level, of course, is a large round psychologically significant figure and of course, an area that in and of itself probably has quite a few options traders looking for ways to play the market.

Now, that being said, I think the market is still one that you are a buyer of dips as the Wall Street ETF alone will make sure that Bitcoin at least sits stable, if not going higher. The massive breakout that we have seen recently is probably about as good as it gets. Now that it is an institutional asset, it’s not going to be 50% runs in two weeks anymore. So, a little bit of a give back here would make a certain amount of sense, but it should give you an opportunity.

The $74,000 level underneath should be a bit of a support level as it was previous resistance. And now I think you’ve got a scenario where you have to look at this through the prism of trying to find value as it occurs. If and when it does, just being a buyer of that value on some type of bounce is probably going to be the play that most traders employ. The 50 day EMA is currently at the 71,600 level and rising.

So, any pullback that gets close to the $74,000 level will also have that to deal with as well. Based on the measured move of the previous rounded bottom, I said a few days ago that we could go as high as $98,000. There’s literally nothing on this chart that suggests that we cannot do that. I just don’t think we get there overnight.

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