Bitcoin Price Outlook – Bitcoin Continues to See Range Hold

Bitcoin Technical Analysis

Bitcoin has been fairly quiet during the early hours on Tuesday as we hang around the psychologically important $105,000 level. We are right at the top of the previous candlestick on the daily chart, which was very explosive to the upside. The question at this point in time is, will we have enough momentum to make a bigger move? I postulate no. I think we are still trading very much in a range between $100,000 on the bottom and $110,000 on the top. This is a market that is trying to work off a lot of that froth from the 40 % gain that we saw earlier this year. And Bitcoin has a long history of doing nothing for quite some time and then you get some type of shot higher.

At this point, I would look for a move above the $112,000 level as confirmation that we are going higher. I do think eventually we probably do just that, but the question of course is when. And that, I do not have an answer. I think you will have to be very patient. You will have to look at pullbacks as potential buying opportunities.

A breakdown below the $100,000 level opens up the possibility of a drop to the $95,000 level, where the 200-day EMA currently resides, and we have seen a lot of interest in the past. I do not have any interest in trying to short Bitcoin, but I’m the first to admit that you are going to have to be very patient with any long positions you take now.

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