Bitcoin Price Outlook – Bitcoin Continues to Eye $74,000 Above

Bitcoin Technical Analysis

The Bitcoin market has been somewhat positive during the course of the trading session on Tuesday, and it looks like we are going to continue to see buyers jumping in and picking up this market as I do think eventually Bitcoin tries to find its way to the $74,000 level. The reason the $74,000 level matters is that it has been a significant resistance barrier multiple times in the past, so we’ll have to see whether or not we can break it out. If we do, then it becomes more of a FOMO trade and traders will come in and chase this market aggressively.

At that juncture, then it probably rises quite a bit. In fact, the measured move, if you will, is somewhere closer to the $85,000 level. Short-term pullbacks though, I do think that they come and go, but they do offer buying opportunities. The 50-day EMA is near the $66,000 level and rising, and therefore, I think you’ve got an opportunity to use technical analysis perhaps to at least get an injury point. I don’t know how Bitcoin will react to the election.

Quite frankly, both candidates will spend America into oblivion. And with that being the case, you would think that helps Bitcoin. But I think the real star of the show this week for Bitcoin is going to be the Federal Reserve, which is on Thursday. So, I still lean to the upside, but I don’t necessarily think this is a blowout move waiting to happen, at least not in the short term.

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