Bitcoin Price Outlook – Bitcoin Continues to Look Strong on Monday

Bitcoin Technical Analysis

The Bitcoin market has rallied a bit in the early hours, gaining about 2 % as we head into the US session. At this point, it looks like we are trying to get to the $110,000 level. And if we can break above there, then we will threaten the $112,000 level. Anything above opens up the possibility of a move much higher. Short-term pullbacks offer buying opportunities. And I do believe that underneath current pricing, we have a 50-day EMA indicator that should offer support.

But even if we break down below there, I think the $100,000 level is your next support region. It, of course, is a large, round, psychologically significant figure and an area where I’d expect to see a lot of interest, as well as options trades. Ultimately, we rallied rather significantly over the course of about five weeks, gaining 40%, pulled back and now we’re ready to take off again to the upside.

With this being the case, I think you have a situation where traders are just simply chasing momentum. And I do think it’s probably only a matter of time before that momentum overwhelms the resistance. If we were to break down below the $100,000 level, then I probably step back for a minute and let things stabilize again. I don’t have any interest whatsoever in trying to short this market. I think Bitcoin at this point in time is far too strong to go against it overall.

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