Bitcoin Price Forecast – Bitcoin Continues to Test Resistance

Bitcoin Technical Analysis

As you can see, the all-time highs here are being threatened yet again, at this point in time. This is a market that I think you will continue to see a lot of buying on the dips, so, with that, I’m simply waiting for some value to appear before I get long, as this is a market that hasn’t seen a lot of value appear, and therefore I think that we desperately need some kind of pullback for many people to get involved still.

I don’t necessarily want to short Bitcoin because quite frankly, shorting Bitcoin is a loser at this point. Even if we do pull back from here, I think there’s plenty of support near the $65,000 level, possibly even down to the $60,000 level. I have no interest whatsoever in trying to short this market. And I think that anytime we get a pullback, there will be plenty of people willing to chase the Bitcoin market due to the fact that there has been so much in the way of momentum expelled that I think you need a little bit of sideways action. Keep in mind Bitcoin has seen a massive influx of money from Wall Street, and that of course has been driving Bitcoin higher. The question of course is, will it ever be used? It really isn’t used on a large scale yet.

This could be one of those situations where they dump it on the retail public again. That might be what’s going on right now. We just don’t know. That being said, the $70,000 level above is an area of resistance that I think a lot of people would be paying attention to from a psychological standpoint, but there’s really nothing on the chart that suggests we can’t get above there. At this point, I think we’re just a little exhausted and that’s part of what you’re seeing. Remember, it remains a buy on the dip market at this juncture.

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