Bitcoin Price Forecast – Bitcoin Perhaps Running Into Exhaustion

Bitcoin Technical Analysis

Bitcoin initially did rally a bit during the trading session in Asia, but Europe has seen it pull back. The question now is, will we get a steeper pullback in the United States? It’s possible, but as I look at the chart on shorter timeframes, it’s obvious to me that we have recently broken significant resistance near the $64,000 level. So, it’ll be interesting to see if market memory comes into the picture. If it does, then I think I’m a buyer and would be looking for value, perhaps even trying to push this market towards the $67,000 level.

If we break down a little further, then $60,000 could be a potential floor as well. All things being equal, Bitcoin has survived the dumping of 141,000 Bitcoins into the market from the Mt. Gox settlement, and of course, Germany liquidating its holdings. So, with all of that, I think the fact that we have rallied the way we have over the last several sessions is a very strong sign turns Bitcoin back into a buy on the dips type of market.

The question of course will be whether or not we can break above the $73,000 region, which was the top of the overall consolidation. In the short term, it looks like we may have to digest some of the gains of the last four or five days, but that would be normal. The last thing you want to see is this market going straight up into the air only to fail at resistance again. You need to bring in more buyers.

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