- Bitcoin has rallied quite nicely during the trading session.
- As we continue to see Bitcoin trying to go looking towards the $120,000 level, the $120,000 level is a large round psychologically significant figure that a lot of people are aiming for, this is an area that has been very difficult to overcome.
- So, if we can get a daily close above the $120,000 level, then I think you have a shot at the market participants breaking out to the upside.
- Short term pullbacks I think continued on for buying opportunities in Bitcoin with the 50 day EMA coming into the picture to offer support.
On a Break Lower
If we were to break down below the 50 day EMA, then I think you've got a situation where the $110,000 level is important. It was previous resistance. It should be floor in the market right now. Bitcoin of course is suffering at the hands of lower volume like many other markets. So, with that being the case, I think you have to keep in mind that Bitcoin is a market that could just be noisy. This is common, but at this point in time, I think it is more likely than usual.
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But when you look at the longer term trend, clearly, it's a buy on the dip market and has been for ages now. And therefore, I think it's probably only a matter of time before we break out. If we were to break down below the $104,000 level, then the market could really fall apart.
But right now, there's no serious threat of that happening. I expect to see a lot of trouble just above, but eventually we should make another run at that $120,000 barrier. If we can break above there, it would be a massive signal of strength.
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