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Bitcoin Technical Analysis
The Bitcoin market has rallied a bit in the early hours on Monday as it looks like we are going to try to make a run toward the 50 day EMA. The market will be paying close attention to the 50-day EMA because it has been somewhat reliable when measuring the trend in the Bitcoin market. It’s also worth noting that the 50-day EMA sits just below the $90,000 level. The $90,000 level, of course, is a large round psychologically significant figure in an area that previously has been support. So, one would assume there is a significant amount of market memory in that region, and we should see some kind of reaction, all things being equal.
If we were to break above that level, then that opens up the possibility of a move to a much bigger move, perhaps all the way to $100,000. Short-term pullbacks, I think are very likely at this point, but I do think we are starting to get into the realm of buying short-term dips and trying to push higher. I think there’s been enough damage done to Bitcoin that now value hunters are starting to pick up the ball. Right now, we are still technically in a trading range between the $90,000 level on the top and the $75,000 level on the bottom. Ultimately, this is a market where we will continue to see a lot of volatility, but that’s nothing new for anybody who’s followed Bitcoin for any length of time.
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