Bitcoin Price Outlook – Bitcoin Continues to See Overhang

Bitcoin Technical Analysis

The Bitcoin market has pulled back just a bit during the early hours on Monday, as the $120,000 level continues to be massive resistance. The market pulling back from here could continue to be the case with buyers underneath willing to jump in and pick up cheap Bitcoin. Using a Fibonacci retracement tool, you can see that the deepest that we have pulled back at this point in time is the 61.8% Fibonacci retracement level from the move to the upside. The $120,000 level being broken to the upside on a daily close, at least significantly, could open up the possibility of a move of at least $10,000 from what I see based on the idea of the measured move.

If we were to break down below the $108,000 level, then that could be rather ugly, and you could send the market down to the 200 day EMA. But really at this point in time, right now, I don’t see that being a major issue. This is a market that I think continues to be very choppy and very noisy. And I do think that right now all we are doing is trying to build up the potential pressure to break out to the upside. All things being equal, I do think that Bitcoin is just taking a little bit of a breather after the latest shot higher, and it’s only a matter of time before we break out to the upside and continue the overall bullish trend.

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