Bitcoin Price Outlook – Bitcoin Continues to See Upward Pressure

Bitcoin Technical Analysis

The Bitcoin market has shown itself to be a little bit bullish during the early hours here on Wednesday as we are trying to reach the $120,000 level. The $120,000 level, of course, is an area that I think a lot of people will see as a large, round, psychologically significant figure that has been very difficult to overcome. We did pierce it a couple of days ago. But if we can continue to go from here, then it’s likely that we will test the top of the shooting star. A break above that, then opens up the possibility of a much bigger move to the upside in a very bullish market.

A short term pullback from here is possible as the $116,000 level is an area that should be support. If we break down below there, then you are looking at a move down to the $110,000 region, which is previous resistance and now should have a certain amount of market memory attached to it. That’s especially true as we are seeing the 50 day EMA reach that area. Nonetheless, I think it’s more of a buy on the dip situation or buy a little bit here, buy a little bit there, and simply accumulate a bigger position in a longer-term uptrend. I do think that Bitcoin continues to rally from here and eventually goes up to the $130,000 level. I have no interest whatsoever in shorting this market anytime soon. It’s just far too bullish.

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