Bitcoin Price Outlook – Bitcoin Continues to Look Strong

Bitcoin Technical Analysis

The Bitcoin market continues to see a lot of upward pressure, and at this point in time, we are above the $120,000 level as we continue to see a flood of momentum running into Bitcoin. This could have been predicated on the latest budget agreement in the United States showing that we are, in fact, going to spend a ton in the U.S., or it might’ve just been traders coming to the realization that we’ve worked off enough of the excess froth that we can continue higher. Either way, this is a market that I think you have to look at through the prism of finding value on pullbacks at this point in time.

What I mean by this is if we do drop, a turnaround and a bounce is what you’re looking for to get involved. The $110,000 level should end up being a pretty significant support level. That’s of course, assuming that we even drop that far. I don’t necessarily think that will be the case, but that is my floor here. Now, that being said, if we can break above the top of the candlestick for the trading session here on Monday, then I think we will go much higher, perhaps reaching towards the $130,000 level, which I think isn’t a real stretch. It’s just the most natural place, I guess, for psychology to come into the picture. Regardless, I currently don’t have any interest in shorting Bitcoin at all.

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