Bitcoin Weekly Price Forecast – Bitcoin Recovers Nicely For The Week

Bitcoin Weekly Technical Analysis

Bitcoin has shot straight up in the air during the course of the week, breaking well above the $60,000 level. And now it looks like we are re-entering the previous consolidation area. All things being equal, this is a market that I think will eventually find buyers and short-term dips probably attract more inflows. The $73,000 level above has been a massive barrier and I think at this point in time, if we can break above there, then the market could go looking to the $80,000 level, perhaps the $85,000 level.

The size of the candlestick is, of course, very impressive and it’s probably worth noting that we formed a massive hammer during the previous week. In general, I expect a lot of volatility, but this is a market that’s bullish. We’ve recently seen Germany dump most, if not all of its Bitcoin into the market. And at the same time, Mt. Gox settlement has released 141,000 Bitcoins into the world as well.

We have absorbed all of that and it looks like the market is doing everything it can to continue going higher. Therefore, I remain bullish, but I also recognize how difficult the $73,000 level is going to be to break above. If and when we do, that is a good sign that we are more likely than not to go looking to the $73,000 level initially. And then again, like I said previously, the $80,000 level. I have no interest whatsoever in shorting Bitcoin as it has shown itself to be highly sought after.

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