Bitcoin Price Outlook – Bitcoin Continues to Look to the Upside

Bitcoin Technical Analysis

The Bitcoin market has rallied a bit in the early hours here on Wednesday as it looks like we are trying to settle back into some type of upward trend in a market that has been extraordinarily strong. The $110,000 level is an area that I think a lot of people will be paying close attention to, as we did peak above there at one point, but we could not continue to go higher at that point. If we can break above the $112,000 level, then I think we have a real shot at this market perhaps trying to get involved in a longer term run towards the $120,000 level.

If we pull back from here, the 50 day EMA is right around $104,000, a level that I’ve seen multiple times be at least somewhat important. And with that being the case, I think you’ve got a situation where traders will continue to look at that as a potential entry as well. Ultimately, I do believe that Bitcoin breaks out, but we may get the occasional pullback in order to offer a little bit of value that most traders look at as an opportunity. Bitcoin has ripped to the upside, and then it’s been a couple of months going sideways. That’s typical Bitcoin trading, and I see nothing overly negative in this market at the moment, but this doesn’t mean we are going to go straight up in the air as well.

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