Bitcoin Price Forecast – Bitcoin Continues to Look for a Floor

Bitcoin Technical Analysis

Bitcoin initially pulled back a little bit deeper during the trading session on Monday, but we have turned around to show some signs of life. I think at this point in time, Bitcoin isn’t going anywhere one way or the other. I think we’re going to stay in this range and those who are quick enough might be able to take advantage as they occur on these little dips. That being said, I don’t necessarily think that Bitcoin is going to take to the upside very strongly either. I think we’re trying to form some type of range with the $75,000 level being an area that’s significant support, and the $90,000 level above being an area that’s significant resistance.

We are currently right around the $82,000 level. So, we aren’t quite in the middle of it, but we’re pretty close. So, I think at this point in time, you’re basically at fair value. For myself, I’ve been dollar cost averaging into this pullback, but this is just a tiny amount weekly. It’s not something I plan on trading. It’s an investment, so it’s not such a big deal. But for those trading this market, you have to be aware of this potential range that we are forming.

And as we are in the middle of this range, there isn’t a whole lot to do at this point in time if you are more short-term minded. You should keep in mind that risk appetite is going to be everything here, and right now, the only thing I can say about risk appetite is that it’s been ran over.

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