Bitcoin Price Outlook – Bitcoin Looks Like it is Consolidating Again

Bitcoin Technical Analysis

Bitcoin was a lot of back and forth trading during the early hours on Monday. That being said, the 50 day EMA has sitting just below is likely to continue to be support and then after that you have the 90,000 level, both of which should offer significant support. To the upside I see the 100,000 level has a bit of a barrier but I do think that we can break back above there again. I think what’s been going on recently is we are trying to find the range. Bitcoin likes to trade in a range like any other market for a while, and then get impulsive to the up or downside. I think at this point in time, we’ve got a scenario where we’re just building up a little bit of a base, much like we had seen during a huge part of the year.

I think this is a time of accumulation. I certainly wouldn’t be a seller of Bitcoin based on the way it’s behaved over the last year to year and a half, but I think you also have to temper your expectations for a move over the next couple of days as traders will be focusing more on the holidays than anything else. So, with that, I do believe we go higher in general, but I also recognize that we have a scenario where things might be quiet for a moment in this market while we try to sort out what to do next.

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