(MENAFN- Daily Forex)

• The Bitcoin market initially did try to rally during the trading session here on Tuesday but gave back the gains pretty quickly to show signs of weakness just below the $120,000 level.
• Now, when I say weakness, it should be taken with a little bit of a grain of salt, just simply due to the fact that it is a market that had been so bullish for so long that we are now just killing time.
• So, it's not necessary that I think we are in a situation where you have to worry about the market selling off drastically.

I think it's more like you have to worry about just buying the dip, trying to find value in Bitcoin, which of course is a market that's been bullish for a very long time. I believe you have a scenario at the moment that will continue to be more sitting on your hands, but keep in mind that we also have the Federal Reserve interest rate decision and press conference coming out during the Wednesday session, and that will have a major influence on where we go next.

Regardless, I am Still Bullish on Bitcoin

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With that, I am bullish, but I also recognize that the occasional wiggle that pulls the market back should be expected. I have no interest in shorting, and even if we did break down from here, I believe that the $110,000 level will end up being the floor in the market.

EURUSD Chart by TradingView

Anything below there has me a bit concerned, but right now I just don't see that as a major threat. So, with this I believe eventually we break out above the $120,000 level on a daily candlestick, and then I'll be a buyer as we should be heading to the $130,000 level.

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