Bitcoin Price Forecast – Bitcoin Continues to Build a Base

Bitcoin Technical Analysis

The Bitcoin market has done very little over the last two days other than spin its wheels, but quite frankly, that’s probably a good sign considering just how far it had plunged previously. This suggests to me that the market is at least considering trying to slow down its sell-off and with that being the case, I am watching for some type of impulsive move.

However, with the weekend coming up, it’ll be interesting to see how this plays out because quite frankly, you have a situation where traders may or may not be willing to keep risk on. This has been a messy couple of weeks and quite frankly, it’s not just Bitcoin, it’s pretty much everything is starting to suffer at the hands of fear and protection of portfolios.

That being said, I think you have to look at this through the prism of $50,000 being the floor in the market. I do believe that anything below that level is probably toxic. A rally above the $60,000 level, more likely than not, will bring in a significant amount of momentum as traders will have more of a FOMO feel to the market again. Remember, Bitcoin is extraordinarily volatile at times, so you do need to be very cautious with your position size and your aggressiveness. Right now, I do think we’re trying to carve out some type of trading range, but right now I also don’t know that I can say exactly where it’s at.

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