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Bitcoin Technical Analysis
The Bitcoin market has rallied a bit during the early hours on Friday, but we are still well within the consolidation area that we had been in previously. I think at this point in time you have a situation where the market just doesn’t really have any momentum to get going. However, if we were to break above the 200 day EMA, which is at roughly the $86,250 level, then we could see Bitcoin trying to get to the $90,000 level.
The $90,000 level is backed up by the 50 day EMA, which of course could be a significant resistance barrier as well. If we can break above there, then it’s likely that we could continue to go much higher. Short-term pullbacks at this point in time are more likely than not, but it is worth noting that the $75,000 level is going to be a bit of a floor. I would expect to see a lot of back and forth choppy behavior, but ultimately you have to ask the question, are we in fact building a little bit of a basing pattern here? Only time will tell, but it is worth noting that Bitcoin follows the stock market now, which makes sense considering Bitcoin is essentially an ETF on Wall Street.
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