Bitcoin has initially pulled back during the trading session on Monday, but then found the $60,000 level to be psychologically important enough to turn this thing around. By doing so, it looks as if Bitcoin is likely to go looking towards the all-time highs again, breaking above the $65,000 level. If we can break above there, then we will more than likely go looking towards the $67,500 level. At this point, it looks as if the $60,000 level will continue to show plenty of support going forward, in a market that has been very strong for quite some time. The candlestick for the trading session on Monday is relatively positive, but more importantly it goes right along with the overall trend.
If we were to break down below the $60,000 level, then it is likely we go looking towards the $55,000 level. Even if that were to happen, I do not think that the market would suddenly break down, rather it would simply offer some type of value that we can take advantage of. Below there, then we have even more support at the $50,000 level where the 50 day EMA is currently hanging about. Not only do we have the psychology of that big figure down there, we also have the 50 day EMA that a lot of people pay close attention to as well. Ultimately, this is a market that has no real downward pressure on it, so there is no way to short Bitcoin anytime soon.
In fact, it is not until we get a daily close well below the $50,000 level that you can contemplate such things as shorting this market. As things stand right now, it is simply a matter of looking at dips as potential value plays and being very cautious as to how much you put into the market is at any one given time. Nonetheless, Bitcoin continues to offer plenty of opportunities for those who would play the longer-term picture. The US dollar falling also would add a bit of help to the Bitcoin market, so that certainly must be kept in the back of your mind. We are a little bit overdone at the moment, but it is certainly obvious that the buyers will continue to come back into the picture every time they can.
