BTC/USD Forecast 12/08: Attempts Huge Breakout (Chart)

(MENAFN- Daily Forex)

• During the trading session on Monday, we saw Bitcoin rally quite nicely. However, it's also worth noting that we have seen a lot of problems near the $120,000 level, so I think that we might be in a situation where a lot of energy will have to be expended in order to get above that level.
• It's obviously a large, round, psychologically significant figure, but it's also an area that previously shown itself to be very difficult to overcome.
• Because of this, I'll be waiting to see whether or not we can stay above this level on a daily basis, because if we do, that would be a huge victory for the bulls.

Technical Analysis

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The technical analysis for this market is pretty easy, as the $120,000 level has been such a massive barrier for the market. If we can stay above there, that would be a huge victory, and I think it's probably only a matter of time before we go much higher. Ultimately, I would anticipate that the market could rally all the way to the $130,000 level, as the region that we have been consolidating in is essentially $10,000.

EURUSD Chart by TradingView

It's also worth noting that the 50 Day EMA has just broken above the $114,000 level, and that is an area that I would look at as a potential support region. If we were to break down below there, then it's likely that Bitcoin would go looking to the $110,000 level next, as it is a large, round, psychologically significant figure, and an area that has been a major support level. Ultimately, this is a market that I think continues to see a lot of volatility, but I still favor the bullish side regardless. I have no interest in shorting this market, and I look at any pullback as a potential buying opportunity given enough time. It is worth noting that Bitcoin is probably lacking a bit of volume as the Wall Street traders are waiting on the end of the holiday season to really get aggressive.

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