Bitcoin Price Forecast – Bitcoin Continues to Look Strong

Bitcoin Technical Analysis

You can see that Bitcoin on the four hour chart has been rallying for some time and it looks very much like a market that is trying to get to the upside and challenge the resistance barrier above in the form of $70,000, but perhaps more importantly, the $73,000 level. Breaking that of course would be a very bullish sign. And it certainly looks like we’re going to at least give the old college try as it were.

Short term pullbacks continue to be buying dips and I think that the $67,000 level has shown itself to be very reliable as support. We’ve been working off a lot of froth over the last several weeks, if not months, after that massive inflow of institutional money came into the market and bought up Bitcoin hand over fist. With this, I think you have a situation where you just continue to buy the dips. I just don’t see a situation where you’re selling Bitcoin at this point.

That being said, it is worth noting that Bitcoin is going to behave more like an index and less like Bitcoin going forward. What I mean by that is we’re not going to get 12% moves daily without some type of massive influx and massive headline out there that would change everything. Right now, it looks like a market that is positive and it does look like it will eventually break the $73,000 level. But as things stand right now, you’re going to have to be somewhat patient, probably something most of you aren’t used to being when it comes to Bitcoin.

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