- The bitcoin market initially fell during the trading session on Tuesday.
- I recognize that the 50-Day EMA is supporting the asset at the moment, and it looks like we could go looking toward higher levels.
- At this juncture, we are above the $64,000 level, and focusing squarely on the $67,000 level above.
- Ultimately, I also find plenty of other technical reasons to become even more bullish of this market, at least in the short term.
Technical Analysis
As stated previously, I do believe that there are plenty of bullish reasons to trade this market the technical analysis standpoint. To begin with, we have tested the 50-Day EMA early during the trading session on Tuesday, only to see the market turn around and rally again. Even if we were to break down below there, we also have the crucial $60,000 level, an area that I had mentioned as a signal that we were going to go higher. After that, we have the “hard floor” at the $56,500 level, which is right around the 50% Fibonacci retracement level.
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Wall Street now owns bitcoin, and therefore it will be protected by large institutions. The bitcoin market is a one that has seen its heyday come and go, although now it will enter a different phase. Yes, it should have more of a proclivity to rally over the longer-term but think at this more or less like the NASDAQ 100, and a lot less like bitcoin itself. After all, we won’t be seeing 15% moves in the day, unless of course there is some type of massive wipeout. Those days are in the past and are probably never coming back unless of course bitcoin suddenly finds itself going to zero.
Keep in mind that this is all about Wall Street and its manipulation of an ETF, so you do have to be cautious. The idea that bitcoin is going to become the world’s reserve currency is a joke, but there are people out there that will get absolutely crushed believing such delirium. With this, you can only trade the market in front of you, then the market in front of you suggest that buying dips and taking profit near the $73,000 level is probably the best way to trade it.
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