Bitcoin Weekly Price Outlook – Bitcoin Continues to See Upward Momentum For The Week

Bitcoin Weekly Technical Analysis

The Bitcoin market has shot straight up in the air during the course of the week to pierce the $90,000 level. And at this point in time, I think the $90,000 level is going to continue to attract a certain amount of attention, but quite frankly, this is a market that probably needs to work off some of the froth, as just a couple of weeks ago, we were at about $68,000. With that being said, I think a pullback is a potential buying opportunity, and the $74,000 level should be your floor in the market, as it had previously been a major resistance. A certain amount of market memory should come back into the picture then.

At this point, I do think that Bitcoin probably goes looking to the $100,000 level, but whether or not we get there quickly or if it takes a while, who knows. The measured move of the rounded bottom that we had formed previously opens up the possibility of $98,000, so I think at that point there will be people trying to get it to $100,000.

Anyway, keep in mind Bitcoin is a Wall Street ETF now, so there is a certain amount of built-in buying regardless as traders will continue to look at this through the prism of a ride on the back of institutions on Wall Street. We still aren’t using Bitcoin for anything, but the momentum is the momentum. Whether or not it’s long-term viable, who knows. But at this point in time, it certainly looks like a lot of money is chasing momentum. And as a trader, it’s your job to recognize this.

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