Bitcoin Price Outlook – Bitcoin Continues to Look Strong Despite Pullback

Bitcoin Technical Analysis

The Bitcoin market fell a bit during the early hours on Wednesday as we continue to see the market look a little stretched. But I think one of the bigger things that you are paying attention to during the session will be the FOMC interest rate decision, and perhaps more importantly, the press conference and statement. After all, the market is likely to continue to see a lot of uncertainty and noisy volatility in the short term, but in the longer term, I think Bitcoin of course will continue to grind its way higher.

The $100,000 level underneath I think ends up being pretty significant support, but even if we were to break down through there, then we could open up a move down to the $92,000 level where the 50 day EMA sits. In general, Bitcoin is a market that is almost impossible to short and quite frankly, it is really hard to short, even if you wanted to. So, it is a bit of a captured audience.

That being said, some of the peripheral signals that I use, meaning the way people talk, essentially, do signify that the markets getting pretty frothy, we’re starting to see all the usual nonsense right before the top of the current cycle that you’re in, but right now there’s no signs of it on the charts, but clearly, we are starting to get to the mania phase. So, it is what it is. But right now, short term pullbacks have to be thought of as potential buying opportunities as I do believe Bitcoin goes looking to the $110,000 level over the next several weeks.

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