Bitcoin Price Outlook – Bitcoin Continues to Find Support

Bitcoin Technical Analysis

The Bitcoin market initially pulled back just a bit in the early hours of Wednesday, as we continue to hang around the 50 day EMA. The market is more likely than not going to continue to look at the 50-day EMA as a potential support level. If we break down below there, then we could go down to the $110,000 level. Ultimately, this is a market that, given enough time, I do think, will try to find its way back to the $120,000 level, which is a massive resistance barrier. The $120,000 level, of course, is a large, round, psychologically significant figure that has proven itself multiple times. So, if we were to clear that and maybe most specifically, and the Monday, July 14th shooting star, then it opens up a much bigger move to the upside, perhaps running all the way to the $130,000 level.

If we break down below the $110,000 level, then it could open up an attack on the previous consolidation area, but I just don’t see that happening right now as there is so much interest in Bitcoin, especially from Wall Street that of course has its new ETFs that they have to continue to jump into the Bitcoin market and buy coins in order to back. So, with all of that being said, it does have a bit of a natural bid, much like an index in the United States, but it’s also a very quiet time of year, so I think this is more of a grind higher than anything else.

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