Bitcoin Price Forecast – Bitcoin Continues to See Choppiness

Bitcoin Technical Analysis

The Bitcoin market has been fairly sideways during the session on Friday as market participants will be more worried about risk on or risk off appetite. But quite frankly, we are in an area that has been massive support more than once. So, it does make a certain amount of sense that traders will be looking at this through the prism of trying to sort out whether or not there is enough support underneath to send Bitcoin higher.

I suspect there is, and we have seen Bitcoin performed very well considering that we had recently seen a massive amount of coins dumped on the market due to the Mt Gox settlement and of course, Germany dumping its reserves. The United States has also moved a bunch of its reserves on chain. And therefore, it makes a certain amount of sense that this is a market that continues to show resiliency.

I do believe it is still a buy on the dip market, and I think that the $63,000 level has carved out quite a bit of support. Even if we were to break down below there, I would only at that point be looking to buy it at a lower price, perhaps in the $60,000 region. On the upside, the $70,000 level is of course resistance. And then after that, you have the $73,000 level, which has been more substantial resistance. Both of those could be targets on a move higher. I do think eventually we see that, but right now it looks as if we are just simply killing a little bit of time.

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