Bitcoin Price Outlook – Bitcoin Continues to Look Strong Despite Pullback

Bitcoin Technical Analysis

The Bitcoin market has shown itself to be a bit soft in the early hours here on Friday, as we had recently in the last couple of days at least broken out above a major resistance barrier. A little bit of a pullback does make a certain amount of sense as traders will be looking for value to get re-engaged. And that’s exactly how I’m looking at the Bitcoin market as a market that should eventually go higher but also may have to give back a little bit after this massive expenditure of energy. The $110,000 level does offer a little bit of support. And after that, we have the $106,000 level, which I think also is very supportive. And I do think a lot of people will be paying close attention to it.

With this being said, I believe that traders will be very interested in any dip that we get with Bitcoin, as it has clearly shown itself to be very strong. Where we end up, I would guess about $120,000 based on the fact that that does tend to move in $10,000 increments. But really, at this point time, it comes down to your timeframe. If you have a high enough timeframe, you may not care, and you may simply hold on for an even bigger move. I think it probably breaks above the $120,000 level as well, given enough time. We’ll just have to wait and see.

That doesn’t mean that it’s going to be an easy move higher, and it doesn’t necessarily mean that it has to happen quickly either. So, with that, make sure that you are trying to find some type of value on dips to take advantage of. The market would have to break down below the $95,000 level for me to be a bit concerned about the uptrend. Right now, it just doesn’t look like it’s something that’s going to happen anytime soon.

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