• During my analysis of markets on Tuesday, the Bitcoin market still looks as if it is simply hanging around the $100,000 level.
• This is an area that is a large, round, psychologically significant figure, and has a lot of headline value as far as financial news is concerned.
• At the end of the day though, it is essentially stuck in a range, and the $100,000 level is probably what would be considered “fair value” at this point in time.

(Click on image to enlarge)

That being said, the move forward for Bitcoin is probably higher, and therefore I have been accumulating for a couple of months. Every time Bitcoin drops a few thousand dollars, I add a small portion to my pile. I don’t even believe in Bitcoin, but I recognize that at least at this point in time, the market is poised to go higher over the longer term. It’s not worth overthinking, I just recognize that prices are going higher, despite the fact that it is not actually being used in the real world. Is it a huge Ponzi scheme? Probably, maybe not, who knows? At the end of the day, as a trader, your job is to make money.
 

Technical Analysis

The technical analysis for this market is rather flat, at least for the short term. However, long-term traders are clearly pushing this market to the upside, as we have been in a massive uptrend for a couple of years now. I think at this point in time, it’s also worth noting that the 50 Day EMA sits just below current trading, so it probably offers a bit of support in and of itself.

The $90,000 level underneath is going to be a significant support level as well, right along with the $88,000 level, which I consider to be the “floor in the market” the moment. It’s also worth noting that the 200 Day EMA is sitting right around $84,000 and rising, so that could come into the picture to offer support as well. If we were to break above the crucial $110,000 level, that would signify the next leg higher.

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