BTC/USD Forecast Today 10/06: Buyers Jumping In (Video)

(MENAFN- Daily Forex)

• Bitcoin has rallied quite nicely during trading here on Monday as we continue to see a lot of buyers jumping in and trying to threaten the $110,000 level.
• I do think there is a lot of noise at this point in time right around that area.
• Market participants continue to see the $110,000 level as a major barrier.

The size of the candlestick on Monday is bullish, but I also recognize that we are facing quite a bit of effort here that is needed in order to continue. I certainly don't have any interest in shorting this market. Therefore, I think any dip here is likely to be thought of as a buying opportunity when it comes to Bitcoin.

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This is especially true with the 50-day EMA near the $101,500 level and rising, and the $100,000 level underneath acting as a major floor. With that being said, I think we are in a range that is trying to come up with enough momentum to finally break out. You have to keep in mind, over the last several months, we have rallied 40%, so it makes a certain amount of sense that we have to spend some time going sideways, bouncing around, maybe knocking out some of the weak hands in Bitcoin.

Over the Long-TermEURUSD Chart by TradingView

Longer term, I do think that we will go higher, and I do think that we will break above the $112,000 level to go looking at the $120,000 level. If we break down below the $100,000 level, then I start to think about maybe letting the market settle a bit and just letting it tell us what to do. But even at that point in time, I would not short Bitcoin anytime soon, as it looks so strong at the moment.

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