Bitcoin rallied during Friday’s trading session, as we now have broken cleanly above the $3500 level. This is a significant move, and is very important. The fact that we have broken above this level has me buying Bitcoin again, and I believe we will continue to see this market moved to the upside. Given enough time, I think that pullbacks will attract significant buying, as the market should find plenty of reasons to go higher. Sometimes people use Bitcoin as a bit of a safety play, and the argument between the United States and North Korea certainly helps. Because of this, I think that the market should find plenty of buyers in the near-term, and I think that the market will extend gains much higher. In fact, this has become a bit of a “buy-and-hold” market for me.
I believe as long as we can stay above $3400, the market will continue to find plenty of bullish pressure and it is essentially a “one-way bet.” I believe in buying dips, and I also believe in buying fresh, new highs. I’m in no hurry to jump all in though, I believe that adding incrementally will be the best way to ride this move higher. Based upon recent action and support and resistance levels, I suspect that this move will run to the $3800 level over the next couple of weeks. Ultimately, there’s probably going to be a push to make the $4000 level a target, but I recognize that is quite a way from where we are right now. Longer-term traders continue to hold Bitcoin for large core positions, offering plenty of support. It looks as if the uptrend is ready to continue in Bitcoin against the US dollar, as well as other currencies. The bullish pressure continues to mount.