Bitcoin Price Outlook – Bitcoin Continues to See Buyers

Bitcoin Technical Analysis

The Bitcoin market initially pulled back just a bit in the early hours of Wednesday but has since turned around to show signs of life as we have gained a little less than 2% as the Americans jump on board. The $100,000 level above current trading still acts as a barrier and I think really what we are doing here is trying to work off some of the excess froth from the move higher, but also, we are in the midst of trying to build up the necessary inertia to break to the upside.

On pullbacks I think the $94,000 region is support followed by the $90,000 level, which is now starting to attract the attention of the 50-day EMA. In general, this is a market that I think remains buy on the dip, but if we can break above the $104,100 level, then it opens up the possibility of the market entering the next leg higher.

This is a market that will probably continue to be choppy and sideways for a minute here, but really at this point in time, it’s a one way train, you cannot short Bitcoin. Bitcoin looks like it is going to go much higher eventually and now the idea is to get involved before it truly takes off. If, for some reason we broke down below the $90,000 level, then we might have more of a deeper correction, which quite frankly would probably only attract more people.

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