Bitcoin Weekly Technical Analysis
The Bitcoin market has had another bullish week, but is struggling a bit at the 73,000 region. This is a major barrier, but if and when we finally break above there, this is a market that could really start to take off. In fact, the measured move would be roughly $15,000. So you might be looking at somewhere around $88,000.
This is a market that every time it does fall, there seems to be buyers. And of course, we are in the midst of trying to work off some of the excess froth from the 92% gain in something like six weeks. That’s not normal behavior. And now that institutions are involved, they will dampen the idea of massive volatility. They just don’t like it more money’s in the market.
So it’s going to behave more like an index. That being said, indices do tend to skew to the upside. And I think Bitcoin will do the same. Underneath, I think the $67,000 level is support. And then after that, the crucial $60,000 level will not only be support, but it will be massive support.
Dips continue to be bought into just as a daily close above $73,000 could send longer term traders into the market and trying to rally to at least $80,000 if not the levels that I mentioned previously. Because of this, I will be looking for opportunities to get long yet again, and I think that it should be the goal of most traders at this point. Yes, we got stretched, but we have worked a lot of it off at this point.
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This article was originally posted on FX Empire
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