Bitcoin Price Outlook – Bitcoin Continues to See Supporters

Bitcoin Technical Analysis

The Bitcoin market rallied just a bit during the early hours on Friday as it looks like we are trying to get back above the $100,000 level. That being said, Bitcoin has been very noisy over the last couple of weeks, and that does make a certain amount of sense considering that we shot straight up in the air to get to where we are now. The market is technically burning off some of the excess froth and this consolidation, at least from what I can see, is probably between $90,000 on the bottom and $100,000 on the top.

If we can break above the high of the very volatile Thursday session near the $104,000 level, then I think that signals that we are ready to continue the upward trajectory. Short-term pullbacks I think get bought into and it’s really not until we break down below the $88,000 level that I think you would have a deeper correction and even in that environment you’ve got the 50-day EMA near $86,000, and a certain amount of psychology attached to the $80,000 level. So, in other words, what I’m getting at here is this is a market that I think continues to see a lot of buy on the dip behavior, and it is most certainly in a bullish run.

I have no interest whatsoever in trying to get short of the market, nor do I think anybody should even be looking for that trade. Yes, things are frothy. Yes, we are starting to see a lot of nonsense on social media about Bitcoin, and the usual cockroaches are appearing out of nowhere and starting to play the crypto game. So we might be getting close to the top of the cycle, but really there’s nothing on the chart that tells me that now other than $100,000 has been difficult to break above.

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