- Bitcoin did fall slightly during the early part of the session here on Monday but then turned around to rally and break above the 50-day EMA.
- All things being equal, the market is likely to continue to go looking to the $95,000 level.
The $95,000 level is a large, round, psychologically significant figure that I think a lot of people will be watching. I believe that is the beginning of pretty significant resistance that extends to the $96,000 level. It's worth noting that the most recent pullback was a lot less drastic than the previous couple of pullbacks, and this suggests to me that sooner or later, we are going to see Bitcoin take off.
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If we can break above the 200-day EMA, then it's likely that we go looking at the $104,000 level. All things being equal, this is a situation where we are trying to find value, but we are also trying to find some type of support. The $84,000 level is below, offering a significant floor, and I think that is something that we need to watch because if we were to break down below the $84,000 level, then we could see this market really fall apart.
Accumulation and Momentum
All things being equal, I believe this is a situation where Bitcoin has taken over 30% in losses, and now I believe people are doing what they can to find some type of momentum and are in the process of what Dow theorists would probably call accumulation.
Ultimately, this is a market that continues to see a lot of choppiness and volatility, but those who are patient and have more long-term thinking are probably looking to take advantage of this opportunity.
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