Bitcoin Price Forecast – Bitcoin Continues to Get Hammered

Bitcoin Technical Analysis

The Bitcoin market has found itself falling apart during the Monday session and at this point in time has lost about $10,000. With that being the case, I think you’ve got a scenario where you have to look at this through the prism of whether or not traders are going to be comfortable enough to step in and take advantage of cheap coins. I’ve been seeing a lot of noise online about how people believe this is going to be an ultimate buying opportunity, but that was about $5,000 ago, so we’ll have to wait and see how that really plays out. So, with this, I think the most important thing you can do here is just simply stand on the sidelines and wait for the market to prove itself one way or the other.

Right now, it just doesn’t look like it’s ready to do much in the way of positivity. That doesn’t mean that I would short the market. It just means that this is a market that quite frankly, if you’re in good luck to you. And if you’re not in, you’re probably waiting to see how this plays out. What most Bitcoin traders don’t understand is that there is a high correlation in various markets, and there’s a really good chance that they are getting a lesson in risk appetite today. That’s not somewhere you want to be so really at this point you’re waiting for some type of bounce. Again, I’m not ready to say it’s time to start shorting Bitcoin but I think it’s a much easier path down to 40,000 than it is up to 60,000 so take that for what you will.

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