Bitcoin Weekly Price Forecast – Bitcoin Finds Buyers on Dips

Bitcoin Forecast Video for 18.12.23

Bitcoin Weekly Technical Analysis

The Bitcoin market has fallen significantly during the course of the week, to reach down to $40,000, but then turned around to show signs of life. By doing so, the market is likely to continue to see a lot of volatility, and we have gotten a little bit ahead of ourselves. That being said, the market is likely to continue to see quite a bit of volatility as we have to worry about the idea of whether or not the liquidity is going to start draining heading into the holidays. The $40,000 level underneath continues to be a major area of support and concern, so with that in mind, I think you’ve got a situation where that is your short-term “floor in the market.”

That being said, to the upside I think the weekly traders will be looking at the $47,500 level, which is an area that previously had been massive resistance and therefore could offer not only a nice target but perhaps could be a take profit area. Underneath, I believe that the $35,000 level will be an area that people pay close attention to and should offer a significant amount of support. If we were to break down below there, then I think the Bitcoin market would be in serious trouble. That being said, it doesn’t look like we are anywhere near that at the moment, so I remain bullish overall. That doesn’t mean that it’s going to be easy, but I do think that will ultimately be the direction of this market as we continue to see people chase performance and a market that is very explosive.