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Bitcoin Price Forecast – Bitcoin Continues to See Support

By:
Christopher Lewis
Published: Apr 16, 2024, 13:35 GMT+00:00

The Bitcoin market continues to see a lot of support underneath, as the 50-Day EMA continues to see importance. The $60,000 level is important as well, as it is a large, round, psychologically important figure.

In this article:

Bitcoin Technical Analysis

Bitcoin has initially fell during the trading session on Tuesday but found the 50 day EMA to be somewhat supportive. And therefore, it looks like we are turning around to take off to the upside again. The $60,000 level sits just below here as well, and therefore I think it makes quite a bit of sense that we would see that offer a bit of a floor as well. Ultimately, I think this is a situation where we’re just at the bottom of the overall consolidation in a big bullish market right now.

I do think that if we can break above the top of the recent consolidation on the hourly charts in the short-term trading, somewhere around 64,000, then I think Bitcoin continues to go higher, perhaps reaching towards the $70,000 level. I don’t have any interest in shorting this market because quite frankly, it has been far too bullish, but it’s not a huge surprise to see that this market had to go sideways for a couple of weeks in a row due to the fact that it was straight up in the air earlier.

But I also recognize that you can’t get overly aggressive until we clear that 64,000 level. Then I might become a little bit more aggressive in my position sizing. Either way, this is a buy only market. Worst case scenario, you’re on the sidelines and just not trading it at all as the Bitcoin market can be so significantly bullish, and should continue to see a lot of buyers entering the market whenever they get a chance.

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About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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