Bitcoin Price Forecast – Bitcoin Continues to Look Bullish

Bitcoin Technical Analysis

The Bitcoin market has shown itself to be rather noisy during the early hours on Monday, but positive more than anything else. We are approaching the crucial $70,000 level, which of course has a lot of psychology attached to it. So, I think at this point in time, you have to assume this is a market that will continue to be somewhat noisy regardless. I think you’ve got to look at this through the prism of buying on the dips. And I think that the 67,000 level underneath will continue to be an area that a lot of people pay attention to.

The 50 day EMA is currently sloping higher and now on the four hour chart, the 50 EMA is also approaching the $67,000 level. So, with that being the case, I think you’ve got a situation where we continue to see a lot of noise. But ultimately, I do think there are plenty of people willing to chase the FOMO trade. The $73,000 level above continues to be a massive resistance barrier, and if we were to clear that area, then I think it kicks off the next leg higher in the markets as we continue to see Wall Street’s newest ETF attract inflows.

And of course, we have absorbed a dumping of a massive amount of Bitcoin into the market due to the Mt Gox settlement and of course, Germany dumping its reserves over the last few weeks. Ultimately, this has been the strongest sign I have seen in Bitcoin so far.

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