Bitcoin Price Outlook – Bitcoin Continues to See Selling

Bitcoin Technical Analysis

The Bitcoin market has fallen rather hard during early hours on Friday, but it looks as if we are starting to try to bounce a bit. It’s interesting because we got close to the $77,000 level, but turning back around and bouncing the way we have does suggest that the previous area of resistance could end up being support as basic technical analysis would dictate anyway.

So, with that being said, I do like the idea of buying on a bounce, but it is probably going to be easier to just simply let the market settle down first. Like I said previously, I’ve been buying little bits and pieces on an automatic withdrawal. I haven’t really been trading Bitcoin. It’s really no longer something you trade. I think it’s more or less now something that you invest in. It’s an ETF, and as a result, you have to treat it as such.

I think you’ve got a scenario where traders will continue to look at this through the prism of a market that is probably going to be noisy, but it is well supported underneath. A lot of people who’ve been waiting to get into Bitcoin are now seeing an opportunity to do it. So now what we need to see is a bit of a V pattern on the chart showing that people have in fact bought back into Bitcoin and that they are ready to get rocking with a position to the upside. I have no interest in shorting Bitcoin, despite the fact that you can say that it’s shaking out, that’s only going to end up offering value down the road.

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