Bitcoin Technical Analysis

The bitcoin market initially fell during the trading session on Tuesday, but has turned around to show signs of life again. By doing so, the market looks like it is going to continue its overall uptrend, and it does somewhat reiterate the idea that this is a buy on the dip market. This has been the way for some time now, and I see it continuing. If we can continue to grind to the upside, I’d be looking at the $112,000 level as a potential barrier that needs to be overcome. If and when we do that, and I think we probably will, the $115,000 level is your next target. This is just the initial move, not the final target.

On a breakdown, Bitcoin could revisit the $105,000 region, possibly even as low as the $100,000 region, which is a large, round, psychologically significant figure and an area where the 50-day EMA is currently approaching. This of course is a popular technical indicator that many follow on charts. In that area, I would anticipate that there should be a massive amount of support, and I would imagine that this is probably about as low as this market should go, all things being equal.