Bitcoin Price Forecast – Bitcoin Continues to Recover

Bitcoin Technical Analysis

The Bitcoin market has been a little bit positive during the early hours on Friday as we look like we are forming some type of bullish flag on the four hour chart. At this point in time, a break to the upside probably has Bitcoin looking to the $67,000 level, which of course is a large round psychologically significant figure, and an area where we’ve seen a lot of noise in the past.

Pullbacks at this point in time will almost certainly see a lot of support underneath, especially near the $63,000 level, but then again in the $60,000 region. This is a market that seemingly has a massive amount of support underneath. It looks like the buyers are serious at this point.

In general, Bitcoin is in the midst of trying to recover from a massive sell-off, and I do think that we have a real shot at some type of gain here. With this being the case, I think that we will remain volatile, but at the same time, we should continue to see recovery after the massive selling in Germany has concluded.

And of course, the Mt. Gox 141,000 Bitcoin being thrown into the market has been absorbed. That’s a really bullish sign for Bitcoin, but as you know Bitcoin tends to be its own animal, and it of course is very volatile under the best of circumstances. Nonetheless, I don’t have any interest in shorting, and I do think that the buyers will come in and try to pick up cheap coins as it were.

For a look at all of today’s economic events, check out our economic calendar.