Bitcoin Price Forecast – Bitcoin Stalls After Impressive Run

Bitcoin Technical Analysis

As you can see, pretty choppy and sideways here during the trading session on Tuesday in the Bitcoin markets. Not a huge surprise. This is a market that is completely overdone and therefore you do have to look at it through the prism of a market that, I mean, it desperately needs some type of pullback.

Whether or not we get that remains to be seen, but clearly at this point, you can’t short the market. It’s pretty much impossible to do so. I think you have to look at this as a market that is trying to do everything it can to go higher, but eventually somebody has to step in and take profit in order to offer more supply, and I think that’s probably the next move. So 65,000 underneath, I think would be a very interesting place to get long of this market, and the 20-day EMA is currently sitting just above the $60,000 level, so that also is an intriguing spot to get long.

I don’t want to chase the market, but it’s been very difficult to watch this because it shot straight up in the air and the problem is Murphy’s law dictates that as soon as you step in and buy at this price, it will be the high for the next six months, and then you’re just sitting on dead money. So it never really pays to chase. You will get a better price sooner or later and therefore it’s just a matter of waiting the market out. Keep in mind, most of this is due to Wall Street piling other people’s money into the asset and they will take profit eventually. The kind of gains that they have had in the last few weeks almost certainly guarantees it. So be cautious, but look at that as a potential opportunity.

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