- Bitcoin has rallied a bit during the trading session on Friday as we continue to see a bit more stability in the Bitcoin market than most of the quote unquote traditional ones.
- Now, obviously Bitcoin had sold off pretty viciously in the recent past.
- So, I think you've got a situation where maybe there's just not as enough people out there to sell.
With that being said, I think you also have to keep in mind that we are in the midst of a major range with the $75,000 level underneath, I believe offering a certain amount of support. The 50-day EMA and the 200-day EMA indicators are sitting just above, and they could cause a bit of a headache, but if we can break above there, then the $90,000 level is your next major barrier.
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Bitcoin needs risk appetite to really get going. But again, for me, it's been really interesting that Bitcoin's been somewhat stable while all of this chaos is going on. So, with that being said, maybe Bitcoin looks better than I realize. Short term buying the dip dollar cost averaging has been the way I've been playing it for a while. I am down some here, but it's a longer term investment.
If you're a shorter term trader, you probably have to look for this to form some type of range while we sort out where we are going next. If we break down below the $75,000 level, then it's very likely that Bitcoin will drop to the $70,000 level. Above $90,000, then I think Bitcoin really starts to take off, perhaps trying to get to the $110,000 level before it's all said and done. This could be the best case scenario, but we probably need other markets to settle down before that happens.
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