Bitcoin Price Outlook – Bitcoin Continues to See Same Range

Bitcoin Technical Analysis

The Bitcoin market initially did try to rally on Thursday, but then pulled back a bit. The Wednesday session was an absolute launch higher and now it looks like we’re probably hitting a little bit of a brick wall. At this point in time, I think a short-term pullback makes a lot of sense and that short-term pullback probably offers a nice buying opportunity.

The $95.000 to $94,000 region, of course, is an area where I think a lot of people would be looking to pick up Bitcoin as we continue to build up that necessary momentum to finally take off to the upside. A break above the $104,000 level allows for the market to go higher, perhaps even to the $110,000 level based on the consolidation area that we are trying to break out of.

On a severe and significant pullback, I think there will be plenty of people out there willing to get involved near the $90,000 level, especially near the 50 day EMA. Anything below there, then things get ugly. But having said that, I think it’s been shown that we are in a situation where if we get a 10 or 20% correction, there should be plenty of people willing to get involved and start picking up cheap coins.

The Wall Street ETF, of course, is going to come into the picture and keep the market somewhat supported. I do think we have to work off some froth though, so with that, sideways action makes quite a bit of sense.

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