- The bitcoin market initially pulled back during early trading on Friday but has seen buyers jump back into the market yet again.
- This is a market that has recently been very noisy, but at the end of the day the one thing that we continue to see is that any time it drops just a little, Bitcoin traders are more willing than not to jump in and start buying again.
- After all, we have seen a lot of momentum as of late, and this of course begets more momentum.
Technical Analysis
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The technical analysis for this Bitcoin market is of course in a state of flux, because until recently, it has been very negative and then went sideways for a while. The recent bullish behavior that we have seen in the market shows a lot of momentum, so I think you’ve got a situation where everybody wants to seem to get into this market when there’s any sense of value to be offered, and we are now hanging around the $94,000 level. This is an important level, as it was previous support and resistance, but now we are looking at this market through the prism of one that is paying even more attention to the $90,000 level. In fact, I think that your short-term floor.
Underneath there, we have a couple of moving averages to watch in the form of the 50 Day EMA, as well as the 200 Day EMA. Ultimately, I think this is a market that will continue to be very noisy, but it still favors the upside overall. After all, we have seen buyers jump on Bitcoin anytime they get a chance, and now I think we could make a bigger push, perhaps all the way to the $110,000 level. All things being equal, this is a market that will continue to be noisy, but I favor buying those dips right along with everybody else as long as we can stay above those moving averages.
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