Bitcoin Technical Analysis
Taking a look at Bitcoin and you can see that we’re straight up in the air again, heading into the New York session. We are up about 8%. So the same story that we’ve seen over the last three days, we’re just racing. I think that we’re going to go looking to the $63,000 level above, which was basically the all-time high. If we were to break above there, I would assume that “FOMO” would reenter the market as we have seen multiple times in the past.
Somewhere between there and like $67.000 there’s a big order block of people who might want to get out of the market. They’ve been saved. It’s hard to tell but really at this point in time Bitcoin continues to see a lot of inflow due to the ETF market that has been released. The ETF market of course allows traders to take advantage of Bitcoin spot pricing without actually having to deal with the hassle of holding on to Bitcoin.
That being said, this screams of a bubble, and of course, Wall Street will eventually offer this to people to hold onto their bags so that they can collect their profit. Now, I don’t know that we are there yet. I really don’t think we are, mainly due to the rush of potential that is currently enveloping the market. That being said, I do recognize that we have the potential for a pretty significant move above the $70,000 level if we do in fact, get some momentum.
But right now I prefer to buy short-term pullbacks. I think that’s probably the best way you can look at this. It’s really difficult to chase a market that’s moving like this. And unfortunately, somebody has to be the last buyer. Your job is to make sure you aren’t that person. At this point in time, the 52,000 level is an area that I think could be rather important from a support level standpoint, so I do like that, assuming that we even pull back that far.
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This article was originally posted on FX Empire
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