Bitcoin Price Outlook – Bitcoin Continues to See Barrier Above

Bitcoin Technical Analysis

The Bitcoin market has gone back and forth during the course of the trading session here on Thursday, as we continue to see the $120,000 offer a bit of a barrier. The market has broken above there for a little bit of time, only to turn around and fall pretty significantly. We have bounced from the lows and now it looks like we are going to continue to look at the $120,000 level as a potentially significant barrier. Breaking above the $120,000 level opens up the possibility of a much bigger move, but you also have to keep in mind that it has been extraordinarily difficult to break above, as it has been resilient.

At this point, it looks like we are working off of the froth and the momentum that jumped into the market about a week ago. And therefore, a little bit of sideways action isn’t overly surprising. A breakdown below the Tuesday candlestick could send Bitcoin back near the $112,000 level, maybe even $110,000, where it had previously found significant resistance and therefore market memory could come into the picture and send buyers back into this market.

A break of the highs of the shooting star from Monday opens up the possibility of a move to the $130,000 level. All things being equal, I still think Bitcoin is bullish overall and therefore, you have to treat it as such. After all, the trend has been strong for months, and there is no reason to think things are changing at the moment.

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