The Bitcoin market initially pulled back just a touch during the early hours on Tuesday, but it does continue to see a lot of sideways action. And I think at this point in time, we are just trying to digest a lot of the gains. If we pull back from here, and that would not be a huge surprise, I suspect that the $90,000 level is an area that a lot of people will be paying close attention to. The 50-day EMA is racing towards that area as well, so I’d be watching that as yet another reason to think that area around $90,000 should be somewhat interesting. If we break to the upside, the $100,000 level is the next major target, followed by $110,010. So, with that, it looks a lot like a range of noise that might be difficult to get above.

But if and when we do, then it’s very possible that Bitcoin could rally all the way back to the recent all-time highs, which is $110,000. The market has been very strong until the last couple of days, but when you look at the last couple of weeks, it’s been a significant V bottom. And I think at this point, it’s become more or less a buy on the dip type of market as it looks like Bitcoin is ready to continue its march higher. At this point, I have no real interest in trying to short this market as it has been so strong over the last few weeks.