Bitcoin Price Outlook – Bitcoin Continues to Look Positive

Bitcoin Technical Analysis

The Bitcoin market is a little bit positive during the trading session here on Monday, which of course will be a little bit quiet because it’s Memorial Day in the United States and therefore institutional traders are away from their desk. However, I think the real takeaway here is that we are, in fact, starting to see buyers jump into the market. And it is probably only a matter of time before we take out the high again and continue along our merry way to the upside. Short-term pullbacks still see plenty of support, especially near the $106,000 level, assuming we even drop that far.

A breakdown below there then opens up the possibility of a move down to the $100,000 level, where the 50-day EMA should go racing to. All things being equal, I don’t really see an argument for shorting Bitcoin, even though, full disclosure, I’m not a believer, but what I do believe in is that the price has gone higher, and will continue to until something changes. So those of you who are not true believers, you just have to look at the chart and recognize that it is going higher. Those of you that are true believers are probably adding to your position. So, it’s almost like a feedback loop, and I fully support that.

After all, we’re here to make money, not necessarily discussing philosophy or the efficacy of something longer term when we can make our profits. Now, if we can break up to the upside and clear the high from a few sessions ago, then it opens up the possibility of a move to the $120,000 level, possibly even the $125,000 level. It’s not until we break down below the $100,000 level that I start to reassess things. And quite frankly, I think we would have to have a major risk event that rocks all markets, not just Bitcoin to make that happen.

For a look at all of today’s economic events, check out our economic calendar.