Bitcoin Price Outlook – Bitcoin Continues to See Slow Drift

Bitcoin Technical Analysis

The Bitcoin market has drifted a little bit lower during the trading session on Friday, as we continue to see a lot of questions asked about the uptrend. That being said though, I still believe that we are in the midst of a bullish flag. And at this point in time, we are also basically in the middle of an area that I would consider your trading zone at the moment, with the $110,000 level underneath being massive support and the $120,000 level above being massive resistance. The $110,000 level I believe is a floor in the market at the moment and we also have the 50-day EMA racing higher at about $113,000, and could offer a bit of technical support as well.

So, it all ties together for plenty of support underneath, and I do think that if we drop from here, there will be value hundreds underneath looking to take advantage of cheap Bitcoin as it appears. If we can break above the $120,000 level on a daily close, then it opens up the possibility of a move to the $130,000 level based upon the move and the bullish flag, perhaps even closer to the $133,000 level. Keep in mind that Bitcoin is essentially an ETF on Wall Street now. So, as Wall Street has a lack of volume this time of year typically, it’s not a huge surprise to see that Bitcoin is just simply limping along, waiting for some external reason to start moving.

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