Enter your emailExpect a lot of noisy behavior on short-term charts, but we have clearly made a statement during the Monday trading that Bitcoin is primed to go much higher.This is an area that has been resistant previously, so breaking out of there is a strong sign. Furthermore, we have a candlestick that has closed that the very top of the range, suggesting that we are going to continue to go higher. At that point, the market will more likely than not go looking towards the $50,000 level.
If we were to turn around and break back into the previous consolidation area, that might be a bit of a bad look, but we will cross that bridge if and when we finally get to it. The attitude of the market is one of expectation of higher pricing.
The only thing I think you can count on now is that we are going to see a lot of noisy behavior, but I think the occasional pullback will now offer a buying opportunity unless something changes quite drastically. I believe that the $45,000 level as well as the 200-day EMA both could offer a certain amount of support.
Expect a lot of noisy behavior on short-term charts, but we have clearly made a statement during the Monday trading that Bitcoin is primed to go much higher. Because of this, I would hesitate in selling Bitcoin anytime soon, as it has made such a strong move.
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