(MENAFN- Daily Forex)

• Bitcoin has gone back and forth during the trading session here on Tuesday, but what I find interesting is that we are hanging around the psychologically important $110,000 level.
• This is an area that previously had been resistant and in fact ended up being a bit of a double top, possibly even triple top if you give it a little bit of leeway.

The fact that we are finding buyers here probably shouldn't be a major surprise simply because it has such psychological importance to the market. If we can turn around and break above the candlestick for the trading session on Tuesday, then it's possible we could go looking at the $115,000 region, which the 50 day EMA sits just below. Keep in mind volume is a bit of an issue at the moment and that is mainly due to the fact that a lot of Wall Street is away on vacation.

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Yes, I understand that Bitcoin believers still look at it as an outlier, as it is a financial instrument out of control of the elites, but that's no longer true. Wall Street, BlackRock, people like that are controlling massive amounts of Bitcoin, and if they're not in the market, it can only move so much to the upside. There's a huge part of the demand taken out of the equation.

EURUSD Chart by TradingView

This isn't to say that I believe Bitcoin is suddenly going to fall apart, just that it might be quiet for a couple of weeks. Ultimately, though, I do think that if we can break above that 50-day EMA, we will eventually go looking to the $120,000 level. If we fall from here, the 200-day EMA at the $103,750 level is a bit of a support level. Anything below there, then you have to worry about Bitcoin. But as things stand right now, this just looks like a bit of a pullback in what is an otherwise positive market.

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