Bitcoin Price Outlook – Bitcoin Continues to See Accumulation

Bitcoin Technical Analysis

The Bitcoin market has rallied a bit during the early hours on Wednesday, but at this point in time, I would also point out that the 100,000 level below, I think is going to be short term support right along with the 50 day EMA. So, with that being said, the market is likely to continue to see a lot of buy on the dip behavior. So, with this being said, I think it’s probably only a matter of time before the market goes looking to the 110,000 level.

All things being equal, this is a market that I think continues to see more of a value hunting type of proposition as we’ve been working off excess froth. Now, that being said, you should also keep in mind that the market is going to have to deal with the Federal Reserve interest rate decision on Wednesday, late in the day, that will most certainly have a major influence.

So, with that being said, I like the idea of buying the dip, and that’s really all I’ve been doing for a couple of months now. We’ve kind of started to grind a little bit higher, but this is more or less a market that I think is just waiting for a catalyst. Will it be the Federal Reserve? Maybe, but I think it’s probably going to be the US government. Quite frankly, they will come out and say something that they’re going to do to help the crypto space, something to that effect and then off to the races. We have a lot to digest as far as momentum is concerned, so I’m perfectly comfortable buying the dips and just adding them to my position.

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