Bitcoin Price Outlook – Bitcoin Continues to See Grinding Action

Bitcoin Technical Analysis

The Bitcoin market has shown itself to be a bit quiet during the early hours of Thursday, but really at this point in time, I think you’ve got a scenario where traders are trying to determine whether or not we can break above the $110,000 level significantly. It’s worth noting that we gained about 40 % during the previous month or so, maybe five weeks. So, it does make a lot of sense that we are going to try to work off some of this excess out.

The $100,000 level underneath is a significant, large, round, psychologically significant figure and an area where you would see the 50-day EMA hovering. If we can break above the $112,000 level, then it opens up the possibility of the market going much, much higher, perhaps to the $115,000 level initially and then beyond.

Nonetheless, this is a market, although, from a longer term standpoint looks bullish, we’re probably going to spend some time going sideways here or perhaps even dropping. I’m not really worried about the trend in Bitcoin, really not until we break down below $90,000 and maybe even $75,000. While I don’t necessarily want to be buying all the way up here, if we spend enough time going sideways, then I might be convinced that the market has accepted price in this general vicinity and then maybe get involved.

Again, there is no interest in shorting whatsoever, but I do think that the longer we go sideways, the better off we’re going to be. And I do look at pullbacks as potential buying opportunities for those who really don’t care so much about price and just want to get more exposure.

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