Bitcoin Weekly Price Forecast – Bitcoin Continues to Recover

Bitcoin Weekly Technical Analysis

The Bitcoin market has bounced from the 50 week EMA and it does look rather positive. The question of course is whether or not we can continue to go higher because every time that we have pulled back over the last seven or so months, we’ve rallied, but we have rallied less each time. So, it’s definitely a market that you need to be cautious about.

Some people would look at it and say that we are trying to form a bullish flag. I think five or six weeks ago when we had that massive hammer form that kind of killed that idea, but this is a market that is almost solely ran on the idea of risk appetite. If risk appetite’s good, it goes better. If central banks around the world continue to cut rates, that should help Bitcoin, but this is a known fact and yet Bitcoin has not rallied since then.

I understand that we shot straight up in the air and had to digest quite a bit of gains, but at this point in time, you have to wonder whether or not something worse or more nefarious isn’t going on. It is now an ETF basically, so you’re going to see it behave like, you know, the S&P 500, maybe the NASDAQ, it’s probably going to move in lockstep with risk appetite coming out of those ETS because it’s now a Wall Street asset.

One thing that is worth noting though is the money coming in from the boomer generation which was supposed to save the Bitcoin market never really showed up, so I think we have a lot more questions than answers at this point.

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