- Bitcoin continues to see a lot of noisy behavior just below the $110,000 level, an area that has been important multiple times.
- Ultimately, this is a situation where we are trying to build up the necessary momentum to go higher.
- But I think you have so much there in the way of noise that it’s almost difficult to even discern which direction you should be trading right now for short-term trades.
Longer-term trades, it’s clearly the upside is where you’re trying to get to. But I think you’ve got a situation where, ultimately, we need to actually clear the $112,000 level to truly take off to the upside and continue the trend.
Potential Target?
If and when we have that, then I think it opens up a move to the $120,000 level and possibly even higher than that, given enough time, as market participants have been building positions every time we dip, as buyers continue to return to the market on each and every value play. The 50 day EMA is just above the $105,000 level. And I think this is a situation where traders continue to believe in Bitcoin and work off a lot of froth from a huge move to the upside.
With this, I think it’s probably only a matter of time before we do get that breakout. And I do want to be part of that. So, on dips, you have to think of it as cheap coins. $100,000 is the massive floor in the market underneath. And if we were to break down below there, then possibly we could look for shorting opportunities. We have a bit of problems at the moment, but right now this is a market that’s just working off what had been an extremely hot run to the upside.
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Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.