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MENAFN- Daily Forex)
bitcoin rallied pretty significantly during the trading session on Wednesday, gaining 3% as we started to close out the New York session. We are approaching the $100,000 level and therefore I think we've got a couple of things to pay attention to. Could we get a pullback from here? It's very possible, but I think that just ends up attracting more buyers.
The one thing that I've noticed over the last couple of months, and this was a lot like most of 2024, there was no reason to get excited. It's just a simple buy-on-the-dip type of opportunity as traders continue to consolidate and accumulate from a longer-term standpoint. I have no interest in shorting this market, although I fully anticipate that it will pull back. And in fact, that's my plan. I'm going to wait until we get closer to the $95,000 level to start scaling in. The 50 day EMA is just below there, so that could offer support. And then again, at the $90,000 level, I would expect to see a lot of buying pressure as well. That being said, if we were to break above the $102,000 level, then I think you have a real shot at the market, perhaps truly taking off to the upside and testing the recent all-time highs near the $109,000 level. I do think that will happen eventually.
Only the Upside for Now
So, this is a situation where you are either going to be buying dips and accumulating, or perhaps range-bound trading with an upward tilt and an upward bias, meaning buying dips, not shorting the market, or perhaps we will eventually break out to the upside. And once we get above that $102,000 level, more FOMO will enter the market and perhaps we could go looking to the $110,000 level. There's literally nothing on this chart that makes me want to get short of this market, so I do remain bullish at least for the time being.
Potential signal: If we break above the $102,000 level, I will be buying, with a stop loss at the $95,000 level. I would then ADD to the position at $109,000.
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