Bitcoin markets rallied again during the trading session on Thursday as we continue to see a lot of bullish pressure in this market. Ultimately, this is a “buy on the dips” set up just waiting to happen.
You can see that we have rallied a bit early during the trading session on Thursday, but keep in mind, the market certainly seems to have slowed down, and it makes a certain amount of sense considering that we are trying to work off massive amounts of froth. Ultimately, this is a market that I think each time it pulls back, you have to be a buyer of, and it does look like the $60,000 level underneath is going to be a massive floor. The 50 day EMA is reaching that area as well. So, a lot of this looks to me like a market that I think you’re just looking for value.
The initial surge into the ETF that everybody was so excited about is probably over, at least for the short term. And therefore, I think you’ve got a situation where it’s going to be more of a grind. That’s fine, the grind can continue to push towards $75,000. Breaking $75,000 then kicks off the next buy and hold segment. I have no interest in shorting Bitcoin because quite frankly, it is far too strong, but ultimately, I do think that you have a situation where traders are going to continue to look at this through the prism of, Can I get a bargain?
I think, as long as we can stay above $60,000, not much will have changed. Even if we drop $3,000 in the process, it’s only going to offer value.
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Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.