- The Bitcoin market rallied slightly during the trading session on Thursday, to test the $112,000 level.
- The $112,000 level is a significant area that could offer a little bit of resistance due to the fact that we have already given back the momentum from that level, and the fact that it is a round figure.
- That being said, this is a market that will be paying close attention to the 200 Day EMA just below, because if we give that up, it could be a very ugly turn of events for Bitcoin in general.
Technical Analysis
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The technical analysis for this pair is rather ugly in the short term, but over the longer term we are still very much in a sideways market, and as long as we can stay above the $108,000 level, then it gives us a shot at going sideways overall. The $116,000 level features recent resistance, and the $115,000 level features the 50 Day EMA. Blowing through both of those would be extraordinarily bullish but considering that the bulk of volume has been negative, I don’t have high hopes for Bitcoin at the moment. This isn’t to say that I’m looking for it to collapse, just that I don’t see a massive bullish run coming anytime soon.
I would expect volatility in this market, and I would also expect the NASDAQ 100 to have a major amount of influence on this pair as well. After all, it is a market that tends to be very highly correlated with technology stocks, which of course are the main driver of not only the NASDAQ 100, but the S&P 500 for that matter. Risk appetite will continue to be a major issue, and as long as that’s the case you’re going to have to keep an eye on most markets. If we can rally from here and recapture the $110,000 level, it may be a sign of stability if nothing else.
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