Bitcoin Forecast

I can see that we are consolidating yet again, and we have been compressing for some time.

Bitcoin has rallied a bit during the trading session on Tuesday, but it looks like the 50 day EMA has come into the picture to cause a few headaches.

We continue to hang around the crucial 200-Day EMA, which of course is an indicator that a lot of people will pay close attention to.

In my daily analysis of bitcoin, the first thing I notice is that we reach toward the 200-Day EMA, only to turn around and show signs of life again.

The Bitcoin market initially rallied a bit during the trading session on Wednesday but continues to struggle with the crucial 50 day EMA.

Bitcoin has gone back and forth during the course of the trading session on Tuesday.

The first thing I notice is that bitcoin reached the 50-Day EMA but have since collapsed a bit to show signs of weakness.

We are doing what we can to form some type of basing pattern.

We could not hang on to the gains.

Bitcoin has plunged to kick off the trading week on Monday, but it looks like we are getting a little bit of a bounce in the early hours of American trading.

It's easy to see that we have been chopping back and forth over the last several sessions.

The first thing that I notice is that we have broken above the top of a couple of daily candlesticks from last week.

Bitcoin had an explosive move to the upside during the trading session on Friday.

In my daily Bitcoin analysis, I have to admit that I am focusing on the $67,000 level, an area that's been important more than once.

I am recognizing that we are very close to some type of major break out.