Bitcoin Weekly Price Outlook – Bitcoin Continues to Test The 100k Region

Bitcoin Weekly Technical Analysis

Bitcoin has been all over the place this week and of course most of the headlines will be that we finally cracked the $100,000 level. That being said, we did give some of that back and now the market looks as if it is more likely than not to go into some consolidation. This does make a certain amount of sense considering it shot straight up in the air about a third over the course of just a couple of weeks. So, to think that it’s just going to go straight up in the air from here is quite frankly ridiculous, but there are a lot of people out there chasing this.

For those of you who are more longer term inclined, you have to look at pullbacks as potential buying opportunities and I do think that Bitcoin will eventually go higher. But let’s not kid ourselves here, it could drop to the $80,000 level and not change much on this chart. So, with that, you have to be very cautious with your position sizing. You don’t want to chase it up here, or if you do, do it with a small position. You can’t put a big position on after this type of move. On a pullback towards the $90,000 level, there’s been some support, but breaking down below there will attract even more attention.

All things being equal. I do think that Bitcoin will more likely than not try to make its way to much higher levels, but it has fulfilled the measured move from the bullish flag previously. So, at this point, from a technical analysis standpoint, all I can say is it’s overbought and therefore a little bit of sideways action does a lot to work off the froth.

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