- In my daily analysis of Bitcoin, the first thing that I notice is that we are still very much in the same trading range that we have been in for what seems like a lifetime.
- Quite frankly, there’s no real reason for Bitcoin to rally at this point, because the global economy doesn’t necessarily have a huge “risk on attitude” to it.
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Technical Analysis
The technical analysis for this market is very sideways and flat, as the market looks as if the $90,000 level underneath should be a major support level, while the 50 Day EMA sits just above and offers a bit of resistance. If we were to break above there, then it opens up the possibility of the market going looking to the $110,000 level.
In general, this is a market that doesn’t have anywhere to be, and I think that it continues to be a major feature here, at least until we get some type of reason to get moving. Right now, there’s literally nothing out there to push Bitcoin in one direction or the other.
If we were to break down below the $90,000 level, you should keep an eye on the $88,000 level, because I think it’s an entire “zone of support” that we are looking at. Furthermore, the 200 Day EMA is rapidly approaching that area, and could offer a certain amount of support.
If we break above the $100,000 level, then I think it would be a very bullish sign, and it has Bitcoin looking to the top of the range. That being said, I’m not looking for much right now because quite frankly there’s no real reason for Bitcoin to get moving.
Let us not forget that there have been 2 major reasons why Bitcoin has taken off over the last year. Both of them have been external and have absolutely nothing to do with Bitcoin itself. The first one of course was when Wall Street got its ETF, and the second one was when Donald Trump won election in the United States.
We are waiting to see whether or not the US government is going to do something to regulate the crypto world or perhaps bringing it into the mainstream. Until they do, I’m not sure what moves Bitcoin higher. Most traders I know are just accumulating at the moment.
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