Bitcoin Technical Analysis
It looks like we are just going to continue to go sideways in general. As the market continues to see a lot of support near the $67,000 level, which is an area that previously has been resistant. That being said, the market is likely to continue to see a lot of noisy behavior, but I think anywhere near the $67,000 level has to be looked at as a potential support level and perhaps buying opportunity.
If we break higher and clear the $70,000 level, then I think you have a real shot at going towards the $72,000 level, maybe even the $73,000 level, which has been massive resistance in the past. This is an area that traders will pay close attention to, as it would show the next impulsive move higher, and could have more people rushing into the market.
With this being said, I like the idea of buying dips. I do think that it’s more or less a sideways range-bound, but positive market. And if we can get above the 73,000 level, then it’s likely that we could go looking to the $75,000 level after that. In general, this is a market that I don’t have any interest in shorting, but if we did break down below the $66,000 level, we may have to reset perhaps finding buyers closer to $63,000. All things being equal, the Bitcoin market is now an institutional market, and that means that it’s going to behave probably a lot more like an index than it used to in the past.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
More From FXEMPIRE:
- Crude Oil Weekly Price Forecast – Crude Oil Gets Pummeled
- NXP Semiconductors Rising on Earnings, Quantum Hopes
- Pure Storage Thriving on Data Demand
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
