Bitcoin Price Forecast – Bitcoin Continues to Look For Floor

Bitcoin Technical Analysis

Bitcoin continues to just chart back and forth, and so we don’t really have any momentum in one direction or the other. The 50 day EMA underneath offers plenty of technical support. But underneath there we have even more support at the $60,000 level. Bitcoin is essentially dead money at the moment as we try to sort out what we are going to do in the longer term, but we’re in an uptrend, and this consolidation does make a certain amount of sense because we managed to rally 92% in six weeks.

That’s ridiculous. And that has to be worked off. $60,000 of course, will be crucial but if we do give it up, things could get rather ugly. We probably dropped down to the $52,000 level rather quickly, an area that previously had been support and resistance. On the upside, if we can take out the $67,000 level, then it’s possible that we could go to the top of the range, which is closer to the $74,000 level.

In general, I think this is a market that remains very noisy and difficult, but I do think that overall, most traders are willing to come in and pick this up on dips. There will be a lot of volatility, and you are going to have to pay very close attention to your position sizing. But right now, you really can’t short this market because of the ability for it to just suddenly rip to the upside.

For a look at all of today’s economic events, check out our economic calendar.