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- Bitcoin has rallied a little bit during the early hours on Tuesday, as we continue to see a lot of noisy behavior.
- That being said, it's probably worth noting that the Monday session initially plunged, but we have since stabilized a bit after that sell off, and while the candlestick wasn't massively bullish on Tuesday, it is important to note that the market has found its footing again.
Finding its footing is crucial for the market to turn around and go higher, and it may take a while for a shot to the upside occurs, but I think it's probably only a matter of time before it happened. Ultimately, I think that the market will try to find its way back to the $110,000 level, but it's going to take something special to finally break above there. If and when we do though, that would be a sign that Bitcoin is ready to really take off to the upside.
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The technical analysis for this pair is of course very bullish, but over the last couple of months we have gone somewhat sideways. After all, the sideways action is probably necessary due to the market needing to digest a lot of the gains that we have recently made, so I think we will probably see a lot of choppy behavior. It's also worth noting that the 50 Day EMA offered support on Monday, and then again, we also have the $100,000 level right in the middle of all of this, which obviously probably attracts a lot of attention. In fact, it's not until we break down below the $88,000 level that I am worried about the overall uptrend.
EURUSD Chart by TradingView
If the market were to break above the $110,000 level, then I think we could go looking to the $130,000 level above based on the“measured move.” In general, I think this is a situation where a lot of people will continue to buy the dip, picking up“cheap Bitcoin.” Keep in mind the Federal Reserve is having a meeting on Wednesday, so that could cause some volatility as well.
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