Bitcoin Price Outlook – Bitcoin Has a Wild Monday

Bitcoin Technical Analysis

Bitcoin was pretty volatile during the Monday session as we continue to see questions asked of the $110,000 region. It’s also worth noting that the $100,000 region has offered support. So, it looks a lot like a market that is just bouncing around from one major number to another. With that being the case, if we can break above the $110,000 level, then I think it opens up the next leg higher. However, there are a couple of things I would bring your attention to here that you need to be cognizant of. Number 1, the volume not being overly large at the moment and part of that might be that institutions are way for Martin Luther King Jr. Day in New York.

But we also have to pay close attention to the fact that the market made a run all the way toward the $110,000 level but has since pulled back a bit. Now, on the other side of the equation, the candlestick is still fairly large from a real body sense and of course, we’re in an uptrend. So clearly there’s nothing on this chart that says you should be shorting it. But I also wonder whether or not we have enough momentum to finally break out to the upside.

Let us not forget the nonsense over the last couple of days in the meme coin area. I’m looking at you, President Trump, and therefore, we have seen a lot of weird volatility across the board. With that being said though, I think Bitcoin remains a buy-on-the-dip type of scenario and I do think eventually we break out.

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