Bitcoin continues to see a bit of volatility on Wednesday as we now are watching the 50-Day EMA for clues.
Bitcoin continues to see a bit of volatility on Wednesday as we have dropped down to the 50-day EMA for the second day in a row. That being said, one of the biggest problems on the chart that I see is the $95,000 level. That is your line in the sand. If we can clear the $95,000 level on a daily close, I think that's a really good sign, and I do expect to see that sooner or later.
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After all, Bitcoin has taken a bit of a beating, and it's probably time for those who are true believers to step in and pick this market back up. Whether or not you believe in Bitcoin, and I'll be quite honest here, I don't, the reality is that it is an excellent market to trade. It moves like no other, although that is starting to change as well. It's become more or less a proxy for risk appetite for Wall Street.
Breaking Above the $95,000 Level
Whether or not we can break above the $95,000 level for me is the most important question. It does look a lot like a basing pattern, and the volume is fairly strong. But after the shellacking that Bitcoin took late last year, it makes sense that people are a little bit hesitant to throw money at it.
Because of this, the market is likely to be choppy, and I think there may be some possible false starts, but the market is also likely to be one that I think, once it really gets going, it will be somewhat relentless.
I am not looking for a massive spike higher, but once we do break out to the upside, I believe that the Bitcoin market will eventually go looking to the $107,000 level above, which could be a bit of market memory and a barrier. To the downside, the $84,000 level continues to be your floor, and it must hold if Bitcoin is going to be saved.
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