Bitcoin Weekly Price Forecast – Bitcoin Slams Into a Ceiling

Bitcoin Weekly Technical Analysis

Bitcoin has had yet another strong week as we continue to pressure a major breakout. Ultimately, I think this is a situation where every time we pull back, there will be buyers willing to get involved and take advantage of value. The $65,000 level is a significant support level right along with the $60,000 level.

This is a market that I have no interest whatsoever in trying to short, and I think you have to look at the pullback as a bit of a valuable opportunity. And in fact, I think we could drop it all the way to 52,000 before we have to be concerned. Keep in mind that the ETF continues to bring a lot of inflows into the market, so that is something worth paying attention to. I do like the idea of taking advantage of value, I don’t necessarily like chasing all the way up here because I think that’s very dangerous. But clearly if you had to be involved, you have to be involved on the long side, simply due to the fact that there just is not any compelling reason to short this market.

At least not while Wall Street is pumping it up through the ETF. How long this lasts is a bit difficult to say, but once it does – this will be a situation where traders will then see a much more tranquil market eventually. As things stand right now, I think you have to be cautious about jumping in with a huge position and chasing it at this point.

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