The latest dip was much less severe than the previous couple of dips, showing signs that BTC is ready to continue higher. So far, that’s been 100% true.
Bitcoin initially fell during the trading session on Thursday, but it looks like the $95,000 level, an area that had been significant resistance previously, is going to hold as support. If that, in fact, is the case, this is a very good sign for Bitcoin as this market likes big figures and support and resistance levels at them.
We had been consolidating for a while, for about 2 months, and now we're starting to turn things around in what I thought would be an inevitable recovery. I just didn't know if it was going to be here or if it was going to be lower.
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The latest dip was much less severe than the previous couple of dips, and that is classic technical analysis. I think at this point, the next barrier obviously will be the 200-day EMA, right around the $99,500 region.
Targeting $107,000
And then after that, there might be a little psychology at play at $100,000, but my target is $107,000. I do think this pair, the Bitcoin versus US dollar pair, continues to look very bullish, as traders look to take on more risk in their portfolios.
I also think that institutions picked up quite a bit of cheap Bitcoin, and now we're starting to see the work pay off. Ultiamtely, this is a Wall Street asset, so the momentum could be slower, but it will be relentless once it takes hold.
At this point, we are not technically in a bullish trend because we're below the 200-day EMA, but for me, it's close enough for government work. I am bullish. With that, pullbacks should continue to be buying opportunities.
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