Bitcoin Price Outlook – Bitcoin is Testing The 200 Day EMA

Bitcoin Technical Analysis

Bitcoin has fallen pretty significantly during the trading session on Wednesday in the early hours as it looks like we are going to test the 200 day EMA yet again. If we can break down below the 200 day EMA, then I think the market could drop down to the $74,000 level, an area that previously had been significant resistance.

So therefore, I think it does make a certain amount of sense that we are going to see some buyers in that area. All things being equal, I think this is a scenario that traders are looking at through the prism of whether or not the economy is picking up whether or not the US government is actually going to do anything with crypto, which they haven’t yet after the election. And I think at this point in time, a pullback probably makes a certain amount of sense. That doesn’t necessarily mean that the market is going to collapse, just that it’s going to be your usual Bitcoin pullback.

Nonetheless, I do think in the longer term, we will probably go higher. That’s been the noise in this market for a year. And the years have seen a lot of these sell off and then bounces and then sell offs and then bounces again. I think at this point in time, value hunters will be looking for Bitcoin to stabilize, but if we don’t and we just turn around and go higher, if we break above the $92,000 level, that would be an extraordinarily bullish sign.

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