Bitcoin Price Outlook – Bitcoin Continues to See Buyers

Bitcoin Technical Analysis

The Bitcoin market has bounced quite nicely from the 50 day EMA on Friday as the $100,000 level looks to hold as support. The market is likely to continue to see a lot of volatility and choppiness, but I do think ultimately, we try to get back toward the top again near the $110,000 level. I don’t have any interest in shorting this market, and this might be the balance that traders are looking for to bring volume and value back into the overall uptrend.

If we can break above the $112,000 level, then the market is likely to send this market reaching towards the $120,000 level. If we break down below the $100,000 level, then we could go to the $95,000 level. All things being equal, this is a market that I think continues to see a lot of choppiness, but this is a market that has gotten way ahead of itself. So, the pullback makes quite a bit of sense.

I do think eventually we break out, you’re probably going to have to be patient here. But the trend is very obviously bullish and there’s no point in trying to fight what is such an obvious massive monster run. Over the longer term, I think we will probably break out within the next three or four weeks, but you’re going to be patient and keep your position size reasonable. This is the main focus at this point in time as the trades will continue to see upward pressures, but there is a lot of volatility in all markets right now.

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