Bitcoin Price Forecast – Bitcoin Continues to See Supporters

Bitcoin Technical Analysis

The Bitcoin market has rallied a bit in the early hours and as you can see, we continue to look at the $60,000 level as important. The $60,000 level of course, is a large, round, psychologically significant figure that a lot of people will be paying attention to as not only due to market memory as it had been support and resistance in the past, but it is also an options barrier.

So, with all of that being said, it makes sense that we have bounced. Now the question of course is going to be if we can continue to go higher. The two areas that I’m watching above include the 62,000 level, which has been important multiple times, and the 63,500 level. In general, I think this is a buy on the dips type of market.

But I also recognize that it is a market that, when you look at the longer term charts, has essentially just gone back and forth and done very little since February. So, I’m not really sure if this is anything more than a short term back and forth type of market for range bound traders.

I definitely favor the upside because quite frankly, there’s far too much institutional money in it, but that doesn’t necessarily mean that I just jump in with huge positions. I think short-term buying opportunities present themselves and therefore that’s how you have to look at this market as it trades very much like the Euro against the dollar, quite frankly.

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