Bitcoin Price Outlook – Bitcoin Continues to See Sideways Trading

Bitcoin Technical Analysis

The Bitcoin market has shown itself to be a little bit sideways over the last couple of days, but that does make a certain amount of sense considering we saw a massive shot higher at the beginning of the week from major support. All things being equal, I think this is a market that you need to pay close attention to as it gives you an idea of what’s going on with risk appetite. If we do pull back from here, and I think that’s very possible, the $104,000 level is an area that I’m very interested in due to the 50-day EMA sitting there.

If we were to break down below there, then you need to start looking at the $100,000 level, which is a large, round, psychologically significant figure and an area that I think offers a bit of a floor. If we break to the upside, then the market, then it would clear the $112,000 level, an area that I believe ultimately gets broken and we go a bit higher. I also recognize that this is a very noisy affair here, and I believe that you’re going to be very cautious with your position sizing. Your position sizing matters in this market, mainly because when Bitcoin takes off, it really takes off. I would lean to the upside here.

I don’t really worry too much about shorting the market. But if we were to break down below the lows of last week, then I think maybe we have a short-term problem. All things being equal though, it does look like we are trying to build up the necessary momentum to finally break to a new all-time high.

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