Bitcoin Price Outlook – Bitcoin Continues to See Momentum

Bitcoin Technical Analysis

The Bitcoin market has rallied quite nicely during the early trading session on Friday, and this follows that explosive move on Thursday. So, I think at this point in time, you’ve got a situation where we are ready to go to the 120,000 level based on the measured move of the consolidation area that we had been in. In fact, it wouldn’t surprise me at all if we got there either sometime during the Friday session or over the weekend.

Even if we don’t, I think a short-term pullback is an opportunity to pick up cheap coins, if you will. And therefore, I think we’ve got a buy on the dip market or a buy on the breakout above the 120,000 level. We’ll just have to wait and see how that plays out. The one thing that I do see here is that we are not in a situation where you want to get short of the Bitcoin market. And I think that Bitcoin is simply going to continue to power its way higher.

It shot straight up in the air about 40%. It’s been a couple of weeks, a couple of months really going sideways and then broke out to the upside. The 50 day EMA is all the way down to the $106,500 level racing towards that $110,000 level we just broke above. That probably then becomes your floor. Obviously, Bitcoin’s in a bullish run, it’s at all-time highs, there’s really nothing to argue about here other than do you want to jump in now or do you want to wait for a pullback and find a little bit of value?

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