BTC/USD Forecast 11/09: BTC Reclaims $110K (Chart)

(MENAFN- Daily Forex)

• Bitcoin has shown itself to be a bit positive during the trading session on Wednesday, as we have seen a little bit of overall momentum to the upside.
• Bitcoin has been solidifying its position right around the $110,000 level, which is a large, round, psychologically significant figure, and an area that's been important multiple times.
• With that being said, the fact that we have rallied rather nicely to break above the 50 Day EMA, it opens up the possibility of a return to the bullish behavior.

Technical Analysis

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The technical analysis for Bitcoin is obviously bullish over the longer term, but the last month or so has been a bit ugly. It has been a shallow pullback though, so given enough time, I think it makes quite a bit of sense that we would see Bitcoin reassert its bullish behavior. The $117,000 above is a short-term swing high, and if we can get above there, then the market is likely to go looking to the $120,000 level, perhaps even as high as $124,000 without a huge shift in attitude.

EURUSD Chart by TradingView

If we were to turn around a breakdown below the $108,000 level, which I don't necessarily think happens, it would be a very ugly turn of events, and we could see Bitcoin really roll over. Nonetheless, we are starting to see volume pick up on Wall Street in general, and that should help a certain amount of momentum in this market, as institutional traders are back. All things being equal, this is a market that tends to be very choppy and noisy, but I do think that we still have a massive bullish market, and I have no interest in shorting Bitcoin. Watch the NASDAQ as well, because there is starting to become a bit of a correlation between both of these markets.

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