Bitcoin's been a little bit positive during the trading session on Monday despite the fact that it was a holiday session, it looks like traders are willing to go a little bit more to the risk appetite side of trading.
After all, people are starting to pay close attention to the idea of the potential peace coming out of the Middle East.
The Bitcoin market has done fairly well, all things considered, over the last several months as we have seen a lot of resiliencies due to the fact that while the rest of the world was burning, Bitcoin basically just consolidated and then started to rise.
Technical Support and Moving Averages
It looks as if the 50-day EMA is starting to offer a bit of support and I think it could send this market looking towards the 200-day EMA above. If we can break above there, then the $84,000 level is your potential target.
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I do think that Bitcoin has probably found a bottom at this point and now I think we're getting the pullback that a lot of longer-term traders will be looking toward to get involved. The $72,000 level underneath should be an area of significant importance, but I think we have a situation where traders are going to continue to look for cheap Bitcoin to continue to buy.
The market is likely to continue to go much higher, but that doesn't mean it happens overnight. I would expect a lot of choppy behavior. I think it is a market that you should expect a lot of volatility, but at the end of the day, I remain positive.
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