What’s up boys and girls? I apologize for not being around as much in the last few weeks but I am back. Today we’re going to talk a little bit of both technical and fundamental analysis for a bitcoin and alt coins. I’m going to try to keep the content geared towards both the beginner and advanced trader. The beginner will get more out of it but hopefully the advanced trader will as well. Bitcoin has seemed a bit confused in the last few days and alt coins have only followed with it. We’ve been getting sideways action coupled with a large increase or decline in price at once. Total Market cap has bounced up and down in the tens of billions and it seems like bitcoin can’t keep a stable footing one way or the other. Last week we reached a low of $7300 and it seemed like we were destined to go even lower, maybe even retesting the $5800 mark. The G20 meeting occurred and the result was that there was going to be no new regulations on crypto currencies. That immediately sparked upward price movement in large quantities. Bitcoin quickly rose about $1000 in less than 12 hours. In the following days we went upwards of $9200 where we hit some major resistance. We retested that resistance a number of times only to fail and fall back down. We were hoping that the $8500-$8600 range was going to provide the support we needed but the price fell through and we headed down to the $8200-$8300 range. We then found major support at $8300 and if you look back into the past the $8300 mark Is both a major support and resistance area. This currently leave this up to where we are today. It seems like bitcoin has the opportunity to go either way. We are slowly trending upwards as it bounced off of the current general support and headed back up.
However the bulls and the bears are in a very important battle right now. If the Bears game control and the bulls can’t hold on then we could see bitcoin fall back down to the $7300 are if the Bears gain control and the bulls can’t hold on then we could see bitcoin fall back down to the $7300 region of support and if this can’t hold then we are very likely to see bitcoin try to retest the $6000 region. There are many ways to look at where we are headed from here depending on whether you look more towards technical or fundamental analysis.