(MENAFN- Daily Forex)

• Daily Forex, this is Chris taking a look at Bitcoin. Bitcoin has rallied a bit during the early hours here on Wednesday as we continue to see a lot of volatility in this market. Ultimately, this is a market that I think continues to see a lot of buy on the dip behavior.
• And I will be the first to admit that the market is likely to continue to see plenty of people willing to get involved.

Support

The $120,000 level looks as if it is significant support based on the fact that it is a large round psychologically significant figure. And it's also previous resistance. So, I think it makes a lot of sense that we do bounce from here. If we do draw from here, the $117,500 level is support as it was previous resistance and the 50 day EMA is starting to turn towards that area as well. have no interest in shorting Bitcoin because quite frankly, it's not that easy to do, but it's also worth noting that the overall trend for Bitcoin continues to be that every time we fall, there are plenty of buyers willing to get involved. And therefore, I think we could go looking to reach the $125,000 level again, then personally, I believe that we not only get there, but I think we will break above there and go looking at the $130,000 level.

I've got no interest whatsoever in shorting the market. Like I said, really, it's not until we break down below the 200 day EMA, which is closer to the $107,500 level underneath there. Maybe you can convince me to short it, but right now we are nowhere near that scenario. So, buying on the dips continues to be the case in this market as it is so strong overall.

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