Bitcoin Price Outlook – Bitcoin Continues to See Buyers

Bitcoin Technical Analysis

The Bitcoin market rallied a bit during the course of the trading session on Tuesday as we are now above the $92,000 level again. This is a market that is doing everything it can to build up momentum, but right now, it looks as if it is struggling a bit to truly break out. That does make a certain amount of sense, considering that we shot straight up in the air after the US election, and may need to work off some of the excess froth. Nonetheless, there’s really nothing on this chart that tells me you should be short of this market, and therefore, I think a lot of traders will look at pullbacks as potential buying opportunities.

Volume has picked up quite a bit over the last couple of weeks, and that’s something that shouldn’t be ignored either. Based on the measured move of the rounded bottom that had formed between $74,000 and $49,500, the projected target is $98,000, and looking at the chart now, that doesn’t take much imagination to think that would happen.

Most traders will be aiming for $100,000, and I don’t really see why we don’t get there either, but that is the actual measured move being $98,000. The market should have a ton of support underneath, and even if we did get a bit of a pullback, the $74,000 level is probably where we start to see significant support based on market memory. Either way, there’s no way to short the Bitcoin market right now.

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