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Bitcoin Technical Analysis
The Bitcoin market has been very quiet in the early hours of Monday as we continue to just go sideways in general. At this point in time, it looks like we are stuck in the same consolidation area we have been in for a while, with the $90,000 level underneath being a rather significant support. While the $110,000 level above is a significant barrier. It is worth noting that the 50 day EMA is sitting just above current trading, and over the last two weeks or so, has offered a significant amount of resistance. If we can break above there, then I think the market could go a little bit higher as we continue to see consolidation overall.
If we were to break down from here, the $90,000 level I think is a support level that extends down to the $88,000 level where the 200-day EMA sits. And if we were to break down below there, then the $75,000 level could be where we end up finding ourselves. That being said, keep in mind that the Bitcoin market has been very sideways a couple of times here recently, with the ETF announcement on Wall Street sending the market much higher, and then we just went somewhat nowhere for six or seven months until Donald Trump was elected.
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