SUMMARY
The Crypto Currency market has finally had found some relief from this major bearish run after price wasn't able to break through the $10,000 level a month ago. Over the course of the month, price has continued to closed well below key zones of support, causing a sharp bearish run to the current trading price of $7,473.
The previous 24hrs have been bullish on the charts, forcing price to rise to the support level at $7,500. However price hasn't been able to close above this level of support yet, being rejected the previous 5 4hr candles. Its impossible to predict exactly where price will head, if price is unable to close above this level we may see a bearish move down towards the previous low of $7,100, this would be the most likely scenario after the downtrend price has developed.
The long term prediction for Bitcoin is still very bullish. Once we are able to find the bottom of this trend and break the previous low before the bottom i believe we will begin to see price recover a-lot of its value and see large amounts of volume return to the market, forcing price back up.
The daily chart shows a large bullish engulfing candle yesterday, with price stalling significantly around the $7,500 level today. If price doesnt close above this level i believe we will see this downtrend continue for a tiny bit longer.
What're your price predictions for 2018? Post your thoughts in the comments!