Bitcoin Weekly Technical Analysis
The Bitcoin market has fallen pretty significantly during the course of the week, only to turn around and reiterate the bullish pressure that we had seen from the truly remarkable week previous. At this point we are hanging around the $67,000 level and if we can break above the top of the candlestick this would be a continuation hammer just waiting to happen.
In that environment Bitcoin could go looking to the $73,000 level which of course is an area that previously had been massive resistance. Breaking above the $73,000 level would be a good sign and at that point in time buying pressure as FOMO enters the market.
On the other hand, we could pull back from here and I think if that’s the case, then it will only offer buying opportunities. The $60,000 level is an area that I think a lot of people will be paying attention to, followed by the $56,500 level, which also happens to be the 50% Fibonacci retracement level and the same area we have seen a lot of support in.
In general, this is a market that looks like it’s trying to form some type of huge, massive bullish flag after the astonishing shot higher after Wall Street got its ETF approval. In other words, I think you’re looking for value and taking advantage of cheap coins. Ultimately, I think we do break out to the upside, but it might take a bit of time.
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