Bitcoin Price Forecast – Bitcoin Continues to See Range Hold

Bitcoin Technical Analysis

The Bitcoin market has initially tried to rally just a bit during the early hours on Monday, but then turned around to show signs of hesitation. It looks as if we are running into a significant amount of resistance, and it looks like that we are getting ready to pull back, perhaps down to the $66,000 level, where I would expect to see a significant amount of support. On the other hand, if we were to turn around and break above the $70,000 level then Bitcoin is likely to make a run toward the $73,000 level.

This is a market that continues to be very noisy. It continues to be very stretched, but ultimately at this point in time, I do think that we have a scenario where traders are going to look at this through the prism of trying to find value on these dips, and therefore I think you’ve got a situation where the market probably needs to pull back in order to build up momentum.

It has been pretty much sideways since February, as we are now about $4,000 underneath the peak. But obviously, as you can tell from the charts, we’ve been all over the place during the last eight months or so. I don’t know if we’re ready to break out yet, but it does look like we are at least leaning to the upside.

So, it seems as if we are starting to see more and more momentum enter the market. And therefore, I think every time you pull back, you probably will have a certain amount of the trading community out there willing to jump in and pick up cheap Bitcoin. I have no interest in shorting this market, at least not until we break down below the 200 day EMA. And even at that point in time, I’d have to really kind of take a look at what the fundamental situation is.

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