Bitcoin Price Outlook – Bitcoin Continues to See Sideways Action

Bitcoin Technical Analysis

Bitcoin is slightly positive in the early hours of Wednesday, but it looks at this point in time like we are basically hanging around. With this being said, I think you’ve got a situation where traders look at the $90,000 level underneath as a support area that I think extends down to $88,000. At this point, as long as we can stay above there, I don’t know that much is going to change in this market.

If we break to the upside, and get above the 50 day EMA, this opens up the possibility of challenging the $100,000 level. Anything above there opens up the possibility of a move back to the $110,000 level. In general, this is a market that is trying to determine whether or not we formed a massive double top, or if we’re just simply working off some of the froth from the move to the upside. This can be a long process at times.

At this point, it still looks like we’re just simply trying to build up enough inertia to finally go higher and burn off some of this excess that entered the market. Remember, the Trump administration is fairly open to crypto, but they haven’t done anything yet. And I think at this point, this is what we’re seeing. We’re seeing the market just simply waiting to see what it is they’re going to do. Most traders I know, though that I’ve been talking to at least are just simply accumulating little bits and pieces along the way, anticipating the next move higher.

For a look at all of today’s economic events, check out our economic calendar.