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During my analysis of markets on Tuesday, the Bitcoin market still looks as if it is simply hanging around the $100,000 level. This is an area that is a large, round, psychologically significant figure, and has a lot of headline value as far as financial news is concerned. At the end of the day though, it is essentially stuck in a range, and the $100,000 level is probably what would be considered“fair value” at this point in time.
That being said, the move forward for Bitcoin is probably higher, and therefore I have been accumulating for a couple of months. Every time Bitcoin drops a few thousand dollars, I add a small portion to my pile. I don't even believe in Bitcoin, but I recognize that at least at this point in time, the market is poised to go higher over the longer term. It's not worth overthinking, I just recognize that prices are going higher, despite the fact that it is not actually being used in the real world. Is it a huge Ponzi scheme? Probably, maybe not, who knows? At the end of the day, as a trader, your job is to make money.
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The technical analysis for this market is rather flat, at least for the short term. However, long-term traders are clearly pushing this market to the upside, as we have been in a massive uptrend for a couple of years now. I think at this point in time, it's also worth noting that the 50 Day EMA sits just below current trading, so it probably offers a bit of support in and of itself.
EURUSD Chart by TradingView
The $90,000 level underneath is going to be a significant support level as well, right along with the $88,000 level, which I consider to be the“floor in the market” the moment. It's also worth noting that the 200 Day EMA is sitting right around $84,000 and rising, so that could come into the picture to offer support as well. If we were to break above the crucial $110,000 level, that would signify the next leg higher.
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