- Bitcoin has drifted a little bit lower during the early hours here on Thursday as we are hanging around the $110,000 level, trying to sort out whether or not this is going to be support or not.
- After all, it had been support and resistance multiple times previously, but we had broken below it a little bit.
- Now we are back above it. So, the question is, does it become a magnet for price?
It could be in the short term mainly due to the fact that we have the non-farm payroll announcement on Friday and that will have a lot of people uh looking at the overall risk appetite. Non-farm payroll itself isn't necessarily conducive to moving Bitcoin just from the number, but it could move risk appetite. And again, that's really what matters from a technical analysis standpoint, the 50 day EMA sits above current pricing near the $113,300 level, and that could offer a little bit of resistance.
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If we can break above there, then the market could go looking at much higher levels, the $116,000 level, and then eventually the $120,000 level from what I see. If we break down from here, the $108,000 level should offer a certain amount of support, but if it doesn't, then we could be looking at a move down to the 200 day EMA, which is closer to the $104,000 level.
Ultimately, I do think that you will continue to see a lot of noisy trading. That's really nothing new. And really at this point in time, from a longer term perspective, Bitcoin still looks like it's pretty bullish. It's just a scenario where we just don't really have a whole lot going on to push the market one way or the other.
After all, we're just getting now of the summertime doldrums if you will as institutional traders a lot of times will be on vacation so volume will have dropped but I suspect by the end of the day on Friday we will have a shot in one direction or the other that should have a little bit of follow through
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