- Bitcoin broke above a major barrier during the trading session on Wednesday, kicking off what I think is going to end up being a nice recovery here.
- Bitcoin has been stymied by the crucial $95,000 region, and I think that is going to be something that we need to pay close attention to.
With that being the case, the market now looks as if it's going to set its sights on the 200-day EMA, which is at the $99,600 area. Anything above there opens up a move to the $107,000 level, given enough time. This is my target, but it will take some time to get there.
Short-term pullbacks should continue to attract a lot of attention, and if you've been following me here at Daily Forex recently, I've been talking about Bitcoin as something that may turn things around.
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Significant Support
The 50-day EMA is at the $92,000 level, and it should offer pretty significant support. Anything below there would, of course, be rather negative, but I don't necessarily think it is a huge change in the overall attitude because we do have a lot of support extending all the way down to the $84,000 level.
Ultimately, this is a market that I think continues to see a lot of choppy behavior, but I do think that it eventually takes off to the upside. I don't know if it gets above the $107,000 level anytime soon, but I certainly think that is a target. I think buying the short-term dips and just simply holding is probably how most bullish traders will be approaching Bitcoin in these.
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