Bitcoin Price Outlook – Bitcoin Sees Volatile Early Morning Action

Bitcoin Technical Analysis

Bitcoin has been all over the place during the trading session on Monday as tariffs were announced. Quite frankly, a lot of this probably would have been forced liquidation by highly levered traders out there trying to cover losing positions elsewhere. With that being said, I anticipate that this is a market that is offering a buying opportunity on this dip and we’ve already seen price action to suggest that it’s very well true.

At one point we were down about 5% and at the New York Open now, we find ourselves down about 1.3% and rising. So, I do think that’s all this has been. The $90,000 level underneath continues to offer significant support, and I think that’s something that should not be overlooked.

With the $100,000 level above significant resistance, I do think it might be difficult to get above there, but I anticipate that it will happen. With that being said, I expect a lot of volatility and noise, especially as we try to sort out what’s going on with the trade war, but I also believe that there are quite a few traders out there who looked at this as a buying opportunity.

In fact, I bought a little bit of Bitcoin a couple of hours ago. Nothing major, just accumulating, which is what I think most traders are doing right now anyways. Even if we break down below the $88,000 level, which is the bottom of this support level as far as I can see, it probably finds support again at the 200-day EMA.

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