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The bitcoin markets have pulled back ever so slightly during the trading session on Wednesday but have also found buyers underneath to push the market higher. This is a market that is trying to build up the necessary momentum to go higher, perhaps reaching towards the $50,000 level. At the $50,000 level, it is very likely that we will find a significant amount of psychological resistance as it is a large, round, psychologically significant figure.
Underneath, there should be plenty of support near the $45,000 level, right along with the 200 Day EMA. The area should be a significant amount of support just waiting to happen. A pullback to that area could be an interesting trade, but if we were to break down below the 200 Day EMA, the market then has a lot of support underneath.
The 50 Day EMA is starting to rise at this point, perhaps threatening the idea of crossing above the 200 Day EMA. If that were to happen, it forms the so-called “golden cross” that a lot of longer-term traders will pay close attention to. When that happens, the market tends to grind higher for quite some time. Breaking above the $50,000 region would open up the possibility of a move towards the $60,000 level. That is an area that has been both support and resistance at various times, so it is worth paying attention to as not only a target but a place where there might be a bit of profit-taking.
On the downside, we could see a move towards the $40,000 level, which has been important more than once. Breaking down below there, the market would show significant weakness as it would have been a completely “false breakout.” That being said, after the price action on Wednesday, it looks more likely that we go higher than lower, but obviously, a lot of this could come down to the risk appetite of traders around the world. The market has just broken out of a major consolidation area, so it will have captured the attention of traders around the world. The market participants will continue to look its dips as a bit of value, and people will continue to look at this as an opportunity. I have no interest in shorting this market anytime soon.
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