Bitcoin Price Outlook – Bitcoin Continues to Look to Ceiling Above

Bitcoin Technical Analysis

Bitcoin initially fell during early trading on Wednesday, but it does look like we are trying to do everything we can to get to the $110,000 level. This, of course, is an area that has served as significant resistance, and therefore, it’s not a huge surprise to see that we are a little hesitant to pile into it. The resistance barrier extends from the $110,000 level to the $112,000 level, so think of it more as an area and less as a line.

Clearing the $110,000 level allows Bitcoin to continue going higher, perhaps even breaking towards the $120,000 level. Until then, we will have the occasional pullback and that pullback will end up being a buying opportunity with a 50-day EMA sitting just above the $105,000 level. That makes for an interesting support level. And then, of course, we have the $100,000 level underneath, which is a large, round, psychologically significant figure in an area that’s already proven itself a couple of times in both support and resistance situations.

The market going sideways at this point in time makes a certain amount of sense as we had shot straight up in the air and things are overbought right now. So, I don’t necessarily think that you are looking to get too aggressive, but if and when we get this breakout, and I do think it’s only a matter of time, then more FOMO will jump into the market and Bitcoin will go sailing higher.

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