(MENAFN- Daily Forex)

• Bitcoin rallies again during the trading session here on Wednesday. We continue to see a lot of noisy behavior in Bitcoin, but the Wednesday session was pretty positive.
• And I think it makes a certain amount of sense that you pay attention to the way it's behaving, because it looks to me like they are trying to get ahead of the announcement on Thursday for the jobs numbers in America.
• Now, having said that, it's also worth noting that the NASDAQ 100 absolutely launched at the open in New York, and that typically means Bitcoin's going to follow, or it can, at least.

The $110,000 level is an area of significant resistance that extends all the way to the $112,000 level. This is an area of significant resistance that I have been talking about for some time now.

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If you can break above the $112,000 level in the Bitcoin market, then I suppose at this point in time, you probably have a measured move to the $120,000 level. I don't think that would be much to ask for Bitcoin. And it is worth noting that we recently have seen the Bitcoin market really just launch and then consolidate. That's nothing new.

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We go higher, we work off some of the froth, then we go higher. That seems to be the attitude in this market. It's really not until we break down below the $98,000 level that I would even be remotely concerned about Bitcoin. And even then, I think it probably just offers a buying opportunity if you're patient enough.

EURUSD Chart by TradingView

However, this is a market that can move suddenly, after putting everyone to sleep. It is perhaps what we are dealing with at the moment. I have no interest in trying to get short of this market anytime soon.

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