Bitcoin Price Forecast – Bitcoin Continues to Look for Some Kind of Move

Bitcoin Technical Analysis

Bitcoin has gone back and forward during the early hours on Monday as we continue to hang around the 58,000 ish area. Well, all things being equal, this is a market that I think continues to see a lot of noise and questions asked about the viability of Bitcoin. Quite frankly, when you look at the longer term charts, perhaps the daily chart, you can see Bitcoin’s drifting lower, not higher. The recent swing high, of course, was a nice little run if you caught the bottom, but now we have to ask questions of $57,500.

At this point, the market simply doesn’t seem to have anywhere to be, and as such, any long position in this asset should be looked at through the prism of a longer-term investment, not a way to make money anytime soon. I wonder how long this will last, as there is a lot of support below.

If we break down below there, we not only break down below an area that of course has been support, but it’s also where the 200 day EMA is coming into the picture. If we break down below that area, then I think Bitcoin probably eventually gets to $50,000. On the other hand, if we can break above the $60,000 level on a daily close, then it’s possible we could go looking to the $62,000 level above, which I think is the next major resistance barrier. The US dollar falling in the early hours doesn’t seem to be helping Bitcoin, so that’s somewhat interesting to pay attention to as well.

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