Bitcoin Technical Analysis
Bitcoin initially pulled back a bit just a bit during the trading session on Thursday but has found support just above the crucial $100,000 level. The $100,000 level of course is a large round psychologically significant figure, but it is also the middle of the overall consolidation area that we had been in. With that being the case, I think you have to look at this through the prism of whether or not we are finding value on the dips and right now, it most certainly looks like we are. So, with that, the market is a buy on the dip scenario as we build pressure to perhaps break out above the crucial $110,000 level.
If and when we can break out above the $110,000 level, then I suspect Bitcoin will make its next leg higher. Short-term pullbacks at this point in time, like I said, are buying opportunities. But even if we broke down below the $100,000 level, there is the 50-day EMA and then finally the $90,000 level, both that could offer buying on the dip opportunities. This is a strong market. It is just simply in the process of working off some of the excess froth, but now we are starting to tilt back to the upside and I do think that it is probably only a matter of time before Bitcoin takes off yet again. I have no interest in shorting this pair.
