Bitcoin Price Outlook – Bitcoin Continues to See Consolidation

Bitcoin Technical Analysis

Bitcoin has rallied a bit during the trading hours on Tuesday as we kick off with a bit of a bounce. With that being said, the 200 day EMA above offers a significant amount of technical resistance, at least in theory. And if we can break above there, then we could go looking to the 50 day EMA. The $80,000 level underneath is hanging out and showing signs of support. If we were to break down below there, then the market could go looking to the $75,000 level.

All things being equal, this is a market that I think given enough time, we’ll have to make a bigger decision. But right now, we are in a massive consolidation range. We are essentially right in the middle of it as it is formed at the $75,000 level on the bottom and the $90,000 level at the top.

Ultimately, if we can break above the $90,000 level, then Bitcoin will start to take off to the upside again and become a bullish move just waiting to happen. Right now, though, I think there are so many things going on that it’s very difficult for traders to get excited about getting involved in Bitcoin right now because the risk appetite just isn’t going to be there.

With that being said, I think we just go sideways for a while. If you’re a longer term believer in Bitcoin, this is an excellent place to perhaps dollar cost average. But the reality is the market participants really have too many things working against the risk appetite right now for Bitcoin to truly take off.

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