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- It's easy to see that we have been chopping back and forth over the last several sessions, and I think we are trying to determine whether or not we have enough momentum to continue going higher.
- The most important thing I think at this point in time is going to be the fact that the Federal Reserve has a meeting on Wednesday.
- While most Bitcoin traders don't pay attention to the Federal Reserve, the reality is that the value of the dollar and, of course, monetary policy has a major influence on what happens with Bitcoin.
Pullbacks Are Certainly Possible
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A short-term pullback is certainly possible, but that short-term pullback should end up being a buying opportunity. With the 50-day EMA hanging around the $64,500 level, I would anticipate that there would be some interest in that region. On the other hand, if we break higher and go above the highs of the trading session on Monday, somewhere near the $69,800 level, it will open up the possibility of a move toward the $69,800 level, the $70,000 level followed by the $73,000 level, an area that previously has been massive resistance. Keep in mind that Bitcoin is trying to sort out what it's going to be and at this point it just looks like an index to me, which makes a certain amount of sense considering that Wall Street has its ETF now and then of course only like a certain amount of volatility.
We probably won't be seeing 15% gains in a day anytime soon because of that. Institutions of course are interested and that certainly puts a little bit of a floor underneath the market. Whether or not we can break out above the $73,000 level is unknown at the moment, but I would suspect that sooner or later that does in fact happen. The bitcoin market is a bullish one, although it's been very sideways for several months now.
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