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It looks like Bitcoin is doing what it can to break to the upside again on Friday as the $100,000 level continues to be an area of stagnation and interest. But really, when you look at the chart, it's pretty easy to see why we might be just hanging around. After all, at the beginning of November, we were at $68,000, so we've shot straight up in the air and a certain amount of consolidation is probably going to be necessary for the market to build up enough momentum to break out to the upside.
In the meantime, I believe that short-term pullbacks will end up being buying opportunities, and I do think that probably most of the trading public out there agrees with me. So, with that being said, I think that a pullback all the way to the $90,000 level and anywhere in between ends up being a nice opportunity to pick up cheap Bitcoin . If we break down below there, then things could get a little bit more interesting, but it is still a very bullish market. The idea is that you don't jump into Bitcoin with a ton of money right now, you build a position. And that's exactly what I've been doing.
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This is very similar to earlier in the year where we bounced around between 60,000 and 74,000 dollars and just kind of killed time. I think now we're trying to figure out if there's a fundamental reason to go higher. We do have the Federal Reserve meeting here coming up that could bring in a little bit more rocket fuel. We'll have to wait and see. They are expected to cut interest rates by 25 basis points. But the question is, will they remain dovish?
EURUSD Chart by TradingView
I think at this point in time though, with the Wall Street ETF, it's just a situation of if it pulls back enough people will be interested in picking it up, that this remains a very bullish market. And in fact, I expect it to somewhat remain like an ETF, like SPY or something to that ilk.
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