Bitcoin Weekly Price Forecast – Bitcoin Stabilizes

Bitcoin Weekly Technical Analysis

The Bitcoin market has plunged during the session, but it has also turned around to show signs of life. In this environment, it looks like we are going to try to hang on to this crucial 50% Fibonacci retracement level, which does make a certain amount of sense. And with that being said, I think you’ve got a scenario where traders will continue to look through to see whether or not the market can actually absorb a lot of that supply that came into the market. This would be the big question that a lot of people would be looking to answer. So far, it looks like we have finally seen the market showed that there is a real shot that we can turn things around.

After all, the market has seen quite a bit of, selling pressure due to Germany selling some of its Bitcoin, but also the 141,000 coins coming out of the Mount Gox settlement. So, a lot of pressure, but it does look like we’re holding. For me, the key is can we retake $60,000? If we can do that? Then I think it’s time to start getting long.

Until then, it’s just a matter of waiting out all of the pressure. It does seem to be holding up though, so it certainly looks as if we may have a real opportunity to buy into this market again. But there’s no need to be the first one to do it. You always want to be with the momentum, especially with an asset like Bitcoin.

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