Bitcoin Price Forecast – Bitcoin Continues to See Support

Bitcoin Technical Analysis

The bitcoin market has fallen during Asian trading and at this point in time is looking at the $64,000 level to see whether or not it is going to be supported. I do think eventually it gets supported, but we may need to work off a little bit of fear in the markets. This isn’t just about Bitcoin, this is about the world, quite frankly, as there have been a massive amount of negative positions put on out there.

With that being said, I think this is a situation where we eventually try to go looking toward the 50-day EMA above, which is closer to the $65,400 level, and if we can break above that, then the $67,000 level is more likely than not going to be the next target.

If we break down from here, I see a massive amount of support at both the $62,000 level and the $60,000 level, which of course, is a large round psychologically significant figure, and has shown itself to be important more than once in the past. Because of this, I would be very interested in this area for a potential set up.

Because of this, I am bullish, but I also recognize that you need to see momentum coming back into the market. If you’re a longer term holder, then it probably doesn’t matter as much. Remember, position sizing will be everything, especially in an environment like we have right now where pretty much everything has sold off for the last couple of days.

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