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For what it is worth, the technical analysis for Bitcoin is still relatively positive, but it looks as if we are grinding out some type of range between the $75,000 region, and the $90,000 region. I think the big hands for truly bullish action will be a break above the $93,000 level, just as a move below the $75,000 level would be very ugly for Bitcoin.
As things stand right now, it would not surprise me at all to see Bitcoin sit in a bit of a range for Q2, with perhaps the occasional breakout above this area. However, if we can get a weekly close above the $94,000 level, I think that will be the major tell that Bitcoin is ready to continue going higher. If we get the exact opposite, meaning a weekly close below the $75,000 level, Bitcoin is likely to plunge toward the $55,000 level in that scenario.
While I do believe Bitcoin goes higher over the longer term, the real question is whether or not the $75,000 level can hold as support? I suspect that will be the major theme of Q2. As long as we are above there, dollar cost averaging will probably be one of the primary ways I’ll be trading Bitcoin.
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