Bitcoin Price Outlook – Bitcoin Continues to See Ceiling Above

Bitcoin Technical Analysis

The Bitcoin market has dropped a bit during the trading session on Thursday, as it looks like the $110,000 level is, in fact, going to be a bit much to overcome. That wouldn’t be a huge surprise. It was a recent all-time high, or at least close to it, so, with that being said, the market is probably going to be looking for support. The question is, where do we find it? Well, I think the most obvious place would be the 50 day EMA right along with the $100,000 level. This is a market that I think very easily could just bounce around in this area. And it would make a certain amount of sense considering that we got here so quickly. That would be perfectly normal behavior in a longer term uptrend.

Having said that, if we were to break down below the $100,000 level, then we have a situation where we could go looking at the 200 day EMA. But really, I don’t think it is necessarily the most likely outcome. I believe at this point in time there are plenty of buyers out there willing to get involved and perhaps even pick up cheap coins as they were. If we can break above the $112,000 level, then we could see a much bigger move to the $120,000 level. I do think a longer term, that’s exactly where we are going to end up going eventually, but there’s probably quite a bit of long term work to do. We probably need some type of catalyst. In the meantime, I think you may see a little bit of accumulation.

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