Bitcoin Bounces from 50-Day EMA
Enter your emailAt this point, short-term pullbacks are buying opportunities, but you need to be very cautious about your position sizing.By doing so, the market has confirmed potential dynamic support, so it makes sense that we would see a recovery. At this point, the most likely of outcomes will be that we will go looking towards the 200-day EMA above, currently residing at the $44,355 level.
If we do break out to the upside, it is likely that we will see this market looking towards the $50,000 level above. That is an area that should be important, so if we were to break above there, the market is likely to go much higher and attract quite a bit more in the way of buying pressure. The Bitcoin market will lead the rest of the crypto markets either higher or lower, so it is worth noting that the Bitcoin chart is worth paying attention to, even if you are trading other coins.
Pay close attention to risk appetite, because it has a huge influence on what happens here, as Bitcoin is far out on the risk spectrum. The market has been banging around in multiple directions over the last several months, as we are trying to figure out which direction we are going to go for the longer term. As things stand at the moment, it looks like we probably have more upward pressure than down.
At this point, short-term pullbacks are buying opportunities, but you need to be very cautious about your position sizing.
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