(MENAFN- Daily Forex) Potential signal:

• If the market breaks above $114,000, I would consider buying Bitcoin with a stop loss at $109,000.
• I would then be aiming for the $123,000 level.

Bitcoin rallied quite nicely during the trading session on Monday to break above the $110,000 level, which, of course, is a very good sign. Ultimately, this is a market that I think is trying to do everything it can to turn around and rally, pushing back and repudiating all of the issues that we have seen over the last couple of weeks. That being said, it still has a lot of work to do to prove to most traders that it's worth throwing a ton of money into this market. Quite frankly, with risk appetite concerns out there, it's difficult to get overly excited about Bitcoin, and it's also worth noting that recently we have seen a lot of volatility, something that does not typically attract institutional investors.

Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money 200 Day EMAEURUSD Chart by TradingView

We are bouncing from the crucial 200 Day EMA, which is an indicator that a lot of people will be paying close attention to, as it is a large, longer-term trend signal. If we can maintain the market above the 200 Day EMA, then it's obviously a very bullish sign. If we were to break down below there, then it would be very negative, but I don't necessarily think that is the end of the world. I just think that Bitcoin will have to give back some of the recent gains. In that environment, the market probably drops to the $100,000 level, which, of course, will have quite a bit of an influence on the headlines around the world, as it makes for good news.

At this point, I do think that Bitcoin tries to rally, but I think it has some convincing to do for most traders, and therefore, I'm not jumping in with both feet right away. However, I think if we can break above the 50 Day EMA, currently at the $114,000 area, then I would become much more interested in buying this market. Otherwise, we could very well go sideways for a while and try to work off some of that excess downward pressure.

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