The Bitcoin market continues to look strong overall, and on Monday, has risen yet again. This is despite the fact that the risk appetite of many traders will have been damaged by the war in the Middle East.
BTC/USD
The Bitcoin market looked a bit strong during the trading session on Monday, which is quite telling considering that we have a situation where the Middle East continues to be a huge problem for risk appetite, yet we still find ourselves watching Bitcoin take off. The Bitcoin market had been fairly resilient for some time during the war and now it looks like we are going to continue to see it do fairly well.
With that being the case, I think you have a scenario where short-term pullbacks will continue to be a significant opportunity for people to get involved in what has been a very strong turnaround. This is a situation where I continue to add to an already decent sized position.
Market Resilience and Technical Levels
Ultimately, I believe this is a market that will go looking to the 200-day EMA right around the $82,100 level and I think if we can stay above the 50-day EMA, then clearly, we have a situation where buyers will continue to find value here.
I do not have any interest in trying to short this market and I think given enough time, not only do we break above the 200-day EMA, but we are more likely than not to start looking at the idea of perhaps breaking above the $84,000 level and truly taking off to the upside.
Ultimately, I do believe that this is a market that remains attractive and while I have been long for some time I'm going to remain so as we have seen so much in the way of momentum on each leg higher.