Bitcoin Price Outlook – Bitcoin Continues to Test Ceiling

Bitcoin Technical Analysis

The Bitcoin market has rallied a bit during the trading session here in the early hours on Thursday, reaching the $110,000 level, suggesting that we are in fact going to do everything we can to break out to the upside. The $112,000 level being broken above opens up the possibility of a move to the $120,000 level. Short-term pullbacks, I think still offer buying opportunities in Bitcoin, which is obviously in a major uptrend, but over the last couple of months we have had a little bit of consolidation working off this massive shot higher.

That’s really neither here nor there because I do think that eventually we do find enough value on a pullback in order to get long. You’ll notice the volume is pretty so-so here, and because of that, I don’t think the breakout is quite ready. We’ll need some type of external catalyst or some type of headline, something to get this thing going.

The Federal Reserve is expected to cut rates in September. That’s part of what’s going on. But really at this point in time, the average trader is just going to look at this chart from a longer term perspective and say, this is just more of the same. So, with that, I look at dips as a value that can be taken advantage of for traders who are looking to get into this market. I have no interest whatsoever in shorting Bitcoin anytime soon, as this is a strong market overall.

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