- The bitcoin market saw more buying during the trading session on Thursday, continuing to add to the massive gains that were accomplished on Wednesday.
- The range of candlestick for the Thursday session is smaller than the Wednesday session, but ultimately, the most important thing that we are paying attention to here is $1000 level as it is a large, round, psychologically important figure.
- Short-term pullbacks will continue to be thought of as buying opportunities, but if we just simply sliced through the $120,000 level, then we will almost certainly challenge the recent all-time highs.
- That would have Bitcoin reaching the $124,000 level.
Tough Fight Ahead
There could be a bit of a tough fight ahead, as we are bit extended at this point, and I would also point out that the volume is much lower than it was Wednesday, but ultimately momentum is most certainly with the buyers at this point in time, so that in and of itself might be reason enough for Bitcoin to continue to go much higher. That being said, if we do pull back from here, the $117,000 level is going to continue to be an area that a lot of people will be paying attention to and we could perhaps see a bit of “market memory” in this marketplace, as it had previously been resistance. At this point, one would have to assume that there is likely to be buyers.
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I do believe that given enough time we will probably challenge the recent all-time high, but I also recognize that the volume may not be enough to carry it above that level right away. That’s not necessarily a bearish argument, rather it’s just the reality that markets cannot go in one direction for the rest of time. In other words, I think you have a situation here where you are looking to buy dips as they occur, perhaps waiting for a short-term bounce to get involved and capture momentum on the way back out.
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