The Bitcoin market pulled back just a bit during the early hours on Tuesday as we continue to see a lot of noisy behavior in the markets overall. This does make a certain amount of sense because we have just got back from our holidays and therefore the market certainly looks as if we are in a situation where we’re trying to figure out where the next liquidity push is coming from. Now in Bitcoin, I think it’s coming from buyers and that’s what we saw during the trading session on Monday. A pullback at this point could test the $100,000 level and if that holds, that would be a good sign that we’re probably going to go back towards the highs again.

Even if we break down below there, I don’t have any interest in shorting Bitcoin and I believe that there is plenty of support near the 50 day EMA underneath. All things being equal, this is a market that I do believe is consolidating, but it’s positive, it’s leaning to the upside. So, you certainly don’t want to short this market.