Bitcoin Price Forecast – Bitcoin Continues to Look Soft

Bitcoin Technical Analysis

Bitcoin initially tried to rally during the trading session, but quite frankly it just looks like dead money right now. That’s not to say that it’s necessarily something that you want to short, just that the market seems to be struggling with momentum at this point.

The $60,000 level absolutely, positively has to hold. If it does not, it could be a rather ugly thing for this market and it could send Bitcoin plunging. That being said, I am somewhat hesitant to get overly aggressive at this point. I think you’ve got a situation where with the Federal Reserve meeting, I really think at this point on Wednesday is going to be a major issue.

That being said, if we can turn around and take out the top of the candlestick, then I think you have a shot really at going back to 74,000. And as things stand right now, I do think that might be the way going forward, but it’s difficult to get aggressive here. I would prefer to let Bitcoin kind of prove itself here because if we do break down below 60,000, then I’ll be looking closer to 52,000 underneath, which was an area of a lot of noise previously.

And there’s no point in paying higher for Bitcoin than you have to. So, a little bit of waiting and seeing right here. That’s fine, because the best way to approach this market is to find “cheap coins”, something that a lot of retail trader forget. Volatility can be a rewarding thing in this market, but it can also be deadly to your account.

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