BTC USD Daily Chart Analysis

18 Jan 2018

After hitting all time highs close to $20,000 USD on 12/7 and 12/16, it appears that Bitcoin has been in a bear trend. It had a major support area at around the $12,800 USD mark, testing it multiple times from 12/30-1/11, until it broke this support and dipped all the way down to the next major support area at around $9,000 USD yesterday (1/17). The last time it hit this support was on 11/29, and shortly after went on a massive bull run to $20,000, gaining over 100% in a span of ~9 days. The cause of the most recent dips in price can be attributed to the massive FUD being spread by governments threatening to take more firm measures against cryptocurrency trading and mining. We shall see if this is the start of another bull run, pending it breaking the next potential resistance turned support level at the $12,800 USD mark.