- Bitcoin is down slightly during trading on Friday as we continue to hang around the 200-day EMA.
- The 200-day EMA is an indicator that a lot of people pay close attention to.
- So, it's not overly surprising to see this market just hang around this area overall.
Furthermore, when you look at the market, we have seen the $90,000 level above offer significant resistance with the $75,000 level below offering support. With that being said, I think you have to understand the market is basically in the middle area. So, I think you've got a situation where really, there's no real reason to think that we make a big move in one direction or the other. That being said, if we do break above the $90,000 level, then we could very well see Bitcoin rally towards $100,000, possibly even $110,000. If we break down below $75,000, then I think you're looking at a move down to about $65,000. That being said, there is a lot of chaos in the financial markets right now.
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And it's probably worth noting that Bitcoin was the first thing to sell off, but since then, it's been remarkably stable. We are in a new paradigm when it comes to trading Bitcoin, because in the past, this thing would probably already be down to about $30,000. But even with all of the chaos that we are seeing, it's been remarkably stable.
Perhaps it is because it is a Wall Street ETF now, essentially but things sold off pretty significantly in the beginning of the year and then in the last two months it has stayed very tight in this well-defined range. I suspect there are people out there, much like me, who have buying orders on each and every dip in little increments. They're just simply accumulating. So if we get some type of risk on type of attitude or news in the market, I think that it kicks off the next leg higher in Bitcoin.
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