The bitcoin market has picked up a bit during the course of the session trading Friday as we continue to build momentum in order to jump through the $ 50,000 level. That’s a big, round, psychologically significant figure, and of course right now we may continue to fight in this general neighborhood. If we break above the $ 50,000 level on a daily close, then it appears to allow the market to go much higher, perhaps reaching towards the $ 55,000 level initially, and then the possibility of reaching above the $ 60,000 level.
Overall, this is a market that I believe continues to find a lot of buyers underneath, especially near the $ 45,000 level. The $ 45,000 level also has the 50-day EMA rapidly approaching, so I reckon it could offer some true as well. medium. In general, I think that every time we have a pullback it will be an opportunity to go long, unless we break down below the 50 day EMA, because then we could go towards the $ 40,000 level below. The $ 40,000 level is of course a large, round, psychologically significant figure, and of course the top of the consolidation area that we have been in for quite some time. If we break below there, then obviously it would change a lot.
Just in case, the US Dollar was hit during the trading session on Friday, which of course has helped the dollar Bitcoin pick up a bit. In equal conditions, It looks like we’ve formed a couple of bullish flags, and therefore there should be a lot of forward momentum. And to add to that, we are sure to see that foreign exchange Alternatives do quite well too, which means people are willing to jump on the risk spectrum, so with that being the case, it will be interesting to see how this plays out.
When i look at this graphicIt is obvious that Bitcoin keeps finding buyers on dips, and I don’t think that will change anytime soon. We had a big build-up phase just above the $ 30,000 level, and so that has become the new “market floor” usually. I find it almost impossible to imagine breaking down through there at any time.