Bitcoin Price Forecast – Bitcoin Continues to See Support

Bitcoin Technical Analysis

The Bitcoin market continues on the four hour chart to see a lot of upward pressure, but we can’t quite break out. I wonder whether or not we can do it over the weekend, because quite frankly, that’s common. The lack of liquidity might be exactly what the bullish traders need at this point in time.

However, short-term pullbacks at this point in time continue to offer buying opportunities from everything I can see. And despite the fact that the jobs number was hotter than anticipated on Friday, Bitcoin has been relatively stable. While the rest of the asset classes out there worry about a tightening Federal Reserve, it looks like the Federal Reserve effects on Bitcoin is starting to slip a bit. That’s a good thing.

The $73,000 level has been a major reset resistance barrier and if we can break above the resistance barrier the market really could start to take off, on the other hand, if we do pull back the $70,000 level has a certain amount of midterm kind of interim support or after that and then we have massive support at $67,000. Either way, I have no interest in shorting Bitcoin.

It’s far too strong but this is just a continuation of the overall grinding back and forth to work off some of that massive froth that we had seen from institutional traders piling into this market via ETF. With this, I look at dips as buying opportunities in a very bullish market, and one that seemingly will not fall for the longer-term at the moment.

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