Bitcoin Technical Analysis
The Bitcoin market has rallied rather significantly to break above the $100,000 level during the trading session on Thursday, as the barrier is getting broken, of course it’s just the latest in a slew of positive developments. Whether or not Bitcoin can continue to go higher is a question, but really, there’s nothing on this chart that suggests the answer would be no. It’s a pretty strong candlestick, and at this point in time, I would also venture to say that short term pullbacks are probably going to end up being a buying opportunity.
So, there’s no point in trying to short this market. The sign of the candlestick is somewhat impressive and the fact that we shot straight up in the air, consolidated for about two weeks, and now it looks like we’re going to try to shoot straight up in the air again tells me that there’s a lot of FOMO. There will be a pullback eventually, but most Bitcoin traders I know are more or less a buy and hold type anyway, so I don’t know that it will affect what they do.
If you’re more tactical and short term, then obviously you’ve got a situation here where Bitcoin continues to be an interesting place to be burned. It might be a little overbought here soon. I would look for support at that $100,000 level and then again at the $96,000 level. Again, no interest whatsoever in trying to get short.
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