- The Bitcoin market exploded to the upside during the trading session on Wednesday again, gaining well over 4% by New York Open.
- So, with that being said, I think you've got a situation where the market is going to continue to bang around between the $90,000 level underneath and the $100,000 level above.
- In general, this is a situation where I would expect to see a lot of choppy behavior.
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But I also recognize that you could see a bit of volatility. That being said, I think we are probably more likely than not going to go sideways for a while before eventually breaking to the upside. Even if we were to break down below the $90,000 level, then the $80,000 level probably comes into the picture to offer significant support. The $80,000 level, then would give way to the $74,000 level, which had been such massive resistance most of the year that I think there is a ton of market memory there. On the other hand, if we can break above the $100,000 level, then it's likely that the market could go much higher, perhaps reaching the $110,000 level based on the measured move of potential consolidation.
Clearly this is a market that you don't want to be short of. Therefore, it really comes down to whether or not we can pick up more volume. The volume has picked up quite a bit, but really, I think now we just need to work through what I think will be a massive barrier. We did consolidate for what seemed like a lifetime and then shot straight up in the air. So, I think a lot of digestion probably makes more sense than not. I don't know that this is the push to get above $100,000. Having said that, if and when we do, I think there'll be a lot of FOMO trading to push it much higher at that juncture.
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