(MENAFN- Daily Forex) Potential signal:

• The trade in this market is only positive.
• The market breaking above the $100,000 level is a situation where I am a buyer, aiming for $106,000, with a stop loss at $98,000.

Bitcoin has rallied rather significantly during the early hours on Thursday, as we are now sitting above the 50 day EMA. The 50 day EMA is an indicator that has offered a significant amount of support and resistance. At this point, I think you also have to look at the $100,000 level, which is a large round psychological significant figure and from what I can tell is essentially fair value for Bitcoin at the moment. What we've simply done is pulled back yet again and then saw more buyers jumping in to pick up cheap Bitcoin at the low end of the overall rangEach Dip Brings in Buyers

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I do think it is probably only a matter of time before traders look to each and every dip as a buying opportunity. And therefore, I think you have to look at this as a long only type of scenario. But I also recognize that it's not exactly flying through the air right now, and you're going to have to be patient. For myself, I've been accumulating on short-term dips, really nothing more than that.

I think this is a scenario where you look at this as a market that will possibly end up being a market that breaks out to the upside. But what we need is some type of fundamental reason to get going. And as things stand right now, we just don't have it. It's been a very sideways market after the Donald Trump election - which yes, the Donald Trump election is pro crypto, but they haven't actually done anything. And I think that's the big rub here. So, in the meantime, we're just going to hang out and wait to see what happens next, I think. With that, I continue to buy dips and just build my position. If we can break above this 110,000 level, then it is a measure move of $20,000 that should send this market to the $130,000 level.

EURUSD Chart by TradingView

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