- Bitcoin continues to fight the $120,000 level.
- At this point in time, I'm beginning to see this as a bit of a bullish flag.
- And therefore, I'm waiting to see if we can break out.
The $120,000 level is an area that I think is going to dictate a lot of what happens next. And if we can break above there and perhaps more importantly, close above there on a daily chart, I do believe at that point you have a scenario where Bitcoin can really take off. The measure move is basically about $10,000, maybe 12. But if we break above the 120,000 level, my target at least for the time will be $130,000.
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On Pullbacks
Short-term pullbacks at this point could be a nice buying opportunity all the way down to the $110,000 level because it has been so important in the past, I would assume, and typically this is the case, that there will be a certain amount of market memory in this neighborhood. RSI got a little overbought when we formed that shooting star last week, so we dipped back into the normal part of the RSI indicator. And now I think you've got a situation where perhaps we could run a little hotter. We'll just have to wait and see. But again, I look at pullbacks as buying opportunities in a market that is basically primed to go higher. There's just no reason to short Bitcoin at this point, despite what you may or may not think about it.
The reality is prices go up. You're in an uptrend. It's that simple. Whether or not we are allowed to fall any significant amount of distance also is an open question because Wall Street has its ETF to pump this thing up. So, there's a lot of invested interest in making digits go up. And I think that is going to be the name of the game here. Whether or not there's any real adoption, I don't even think that matters at this point. It will someday, but right now we are still chasing the hot money type of phase.
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