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Bitcoin Technical Analysis
The Bitcoin market has shown itself to be a bit soft in the early hours here on Friday, as we had recently in the last couple of days at least broken out above a major resistance barrier. A little bit of a pullback does make a certain amount of sense as traders will be looking for value to get re-engaged. And that’s exactly how I’m looking at the Bitcoin market as a market that should eventually go higher but also may have to give back a little bit after this massive expenditure of energy. The $110,000 level does offer a little bit of support. And after that, we have the $106,000 level, which I think also is very supportive. And I do think a lot of people will be paying close attention to it.
With this being said, I believe that traders will be very interested in any dip that we get with Bitcoin, as it has clearly shown itself to be very strong. Where we end up, I would guess about $120,000 based on the fact that that does tend to move in $10,000 increments. But really, at this point time, it comes down to your timeframe. If you have a high enough timeframe, you may not care, and you may simply hold on for an even bigger move. I think it probably breaks above the $120,000 level as well, given enough time. We’ll just have to wait and see.
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