Bitcoin Weekly Price Forecast – Bitcoin Continues to See Buyers

Bitcoin Weekly Technical Analysis

The Bitcoin market has plunged rather significantly during the course of the week to even break below the $50,000 level only to turn around and show signs of life again. Ultimately, this is a market that I think is trying to build a big floor and of course is trying to navigate a lot of risk appetite issues around the world. That’s not just Bitcoin. And in fact, quite frankly, I don’t think Bitcoin had a whole lot to do with it. I think it had to do with traders around the world worried about the global economy and a deleveraging position.

Now, all of that being said, this is a wicked looking hammer, and if we can break above there, then it’s likely that we could go much higher. However, I don’t know if it’s going to be easy to do that. If we were to break down below the bottom of this candlestick, I think that would be a sign that we are going to go much lower. However, you have to keep in mind, this is a Wall Street ETF now. It’s not even crypto or a form of payment. It is a manipulated ETF coming out of Wall Street that will be forced higher, given enough time.

Wall Street as a general rule, tend to look at assets through rising prices over time, and they’ll make sure it happens. Whether or not Bitcoin is actually used in the real world, I don’t think that’s going to be the case. But in the meantime, it’s something that Wall Street is willing to prop up. And as long as that’s the case, the ETF market alone will probably go in and pick up any coins if we see a lot of selling. If we do break down below the bottom of the hammer from the week that could open up a correction all the way down to the $33,000 level but right now it looks like we are trying to stabilize.

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