Bitcoin Price Outlook – Bitcoin Continues to See Ceiling Above

Bitcoin Technical Analysis

The Bitcoin market has fallen a bit during the trading session on Friday in the early hours, but at this point in time it does look like we are going to continue to see interest in dips as we have already bounced a bit from the initial drop, something which we have seen multiple times recently. The $115,000 level is the midpoint of the larger consolidation range that we find ourselves in. That typically will attract a certain amount of attention. And in fact, we did see that it actually happened early in the morning, as traders have started to pick the market back up.

So, with that being said, I think you’ve got a situation where if we can reach the $120,000 level again, we are going to perhaps struggle with that level. But if we can break above last Monday’s shooting star, that’s the key to going much higher. Now, it takes a little bit of artistic license, but you could make a very real argument for a bit of a bullish flag or maybe even a pennant, probably more of a flag by the shape in the Bitcoin market, which of course will measure for about $12,000. So, if we can break above the $120,000 level, we could take off and we could go as high as $132,000. I think it will be more like $130,000 just due to psychology. $110,000 underneath continues to be massive support. I don’t think we’re breaking down below there anytime soon. I remain bullish of the Bitcoin market at this point.

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