Bitcoin Technical Analysis
The Bitcoin market has gone back and forth during the course of the trading session on Friday in the early hours, as we are hanging around the crucial $68,000 level. The $68,000 level of course is an area that has seen a lot of pressure in the past in both directions. So, I think if we can continue to go higher, then it’s possible that the market could go to the $70,000 level. A short-term pullback at this point in time could open up a move down to the $65,000 level, perhaps even the 50-day EMA underneath, which of course is a major technical analysis indicator.
The 50 day EMA sits right around the $64,000 level and is rising. With all of this being said, I think you’ve got a situation where we continue to buy dips in this market as, although we are bullish, the reality is that we are getting kind of close to the top of the overall range for most of the year.
There’s really nothing to move the market at this point other than people trying to, I suppose, get ahead of the next leg higher, assuming it comes. And the fact that it is a Wall Street ETF probably means it will sooner or later. But if you’ve been involved in this market since February, it’s pretty much gone nowhere, and I think that might continue to be the case here for at least a little while.
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