Bitcoin has received a beating since Christmas and all of the negative news regarding cryptocurrencies is not helping. At this point, the Bitcoin bulls are hanging in there trying to win even the smallest of battles against the bears. These little battles that I am talking about can be illustrated in the 15 minute chart as seen below.
We are currently ranging between the pivot point and S1 support levels. You will also notice my yellow support trend line that started clear back in November. You can see a better picture of this trend line here.
One of two scenarios could potentially play out here.
- We fall below the S1 support level and my support trend line. This would be the result of the bears claiming victory.
- We break above the pivot point level (around $10,500) and it would be a small victory for the bulls. This would also be the first baby step of many for Bitcoin to reach previous highs.
The range is getting tighter and tighter, who do you think will prevail?
The bears or the bulls?
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LEGAL DISCLAIMER
The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.