Bitcoin has been very noisy during the trading session to kick off the week, as we continue to see Bitcoin fight back against massive selling pressures out there.
Bitcoin
Bitcoin has been very noisy during the trading session on Monday as it looks like we are trying to see whether or not we have found the bottom. After all Bitcoin is a very noisy market and it is worth watching very closely as to how things play out over the next several days if not weeks.
After all this is a market that I think will continue to see a lot of questions asked about risk appetite. But with the bounce that we have seen over the last several couple of attempts to break down it does look a lot like a market that is at least resilient if not flat out trying to defend tooth and nail the $60,000 level.
Potential Upside Targets
If we were to turn around and break above the 50-day EMA, which is basically the $73,000 level that would open up the possibility of taking off to the upside and perhaps reaching the $84,000 level. All things being equal this is a market that I think continues to see a lot of questions asked of it.
Quite frankly it is worth noting that nobody is banging the drums about how great Bitcoin is and typically that is when you start to see the smart money enter. There are a lot of geopolitical concerns out there and in theory that should work against Bitcoin but here we are.
We are still sideways. The fact that it is resilient in this type of environment is impressive to say the least. I do think that we are in the midst of trying to find a turn. This is a market that may surprise a lot of people before it is all said and done.