Bitcoin Price Forecast – Bitcoin Continues to Look Lost

Bitcoin Technical Analysis

The Bitcoin market continues to dance around the $57,500 level, an area that’s been important multiple times. So, with that being said, it is a market that you probably should look at through the prism of the 200 day EMA and 50 day EMA indicators squeezing it. This is a market that has done very little since the ETF was released other than just consolidate, but I would point out that each successive swing high gets lower. That’s not exactly great behavior. It is a risk on / risk off type of asset. And risk is all over the place right now. So that’s not a huge surprise.

With all this being said, when you look at the market from a longer term standpoint, you can see that we have successively dropped each time we’ve tried to rally. I do think that the fulcrum point, the most important pivot point on the chart as it were, would be $50,000. So, until we break down below there, I’m not necessarily giving up on the idea of an uptrend but you’re going to have to be patient.

The days of 12% gains in Bitcoin are long gone. They’re probably not coming back now that Wall Street has its claws into this asset. Ultimately, this is starting to act more like an index, and I think you will have to think of it through the prism of something like the SPY ETF, or perhaps even the QQQ ETF.

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