For most of the week, Bitcoin continued to try to shake off weak hands and newcomers who've bought since $10,000.
Since the Chicago CME futures release, Bitcoin has been struggling to maintain ground it took in November and December of last year.
It didn't help matters when earlier this week, South Korea's future in Bitcoin trading came into question, causing price to see a sharp decline. After several days of weakness in Bitcoin's value, a downtrend-break came yesterday morning on news that South Korea will continue Bitcoin trading. A price jump was quickly followed by a retrace, but Bitcoin has found some footing as 8 am rolls around on the American east coast.
Bitcoin has reached some key technical points today that show it is gaining some upward mobility.
In the chart above, we can see that last week Bitcoin worked to get above the bear flag that had formed over the Christmas week from 12/21-12/27. It walked along the centerline of the pitchfork for several days before easing downward and finally bottoming on the pitchfork edge yesterday after breaking out the downward trough it was in for most of this week.
If Bitcoin can manage to maintain strength during the weekend, a candle-close over the pitchfork centerline sets the target for $21,950 as January continues.
If Bitcoin resumes its fall, which seems unlikely as market momentum and altcoins continue to gain strength after their tumble this week, $10,900 is the top of the previous pitchfork, and next week's target.
Looking outside of the dollar, in other places of the world, Bitcoin continues to trade at a premium with South Korea's market making a new all-time high in KRW nearly a week ago.
The outlook continues to look bright as adoption of digital currencies continues, and platforms like Steemit and others continue to grow. Stick around!
Have you bought or sold any Bitcoin recently?
Is there any topics you'd like to see covered?
Leave your answers in the comments below.
New followers be sure to upvote and comment to receive an upvote in return!
As always friends, be sure to check back often and click the follow button; my researchers, sources, and I follow the markets very closely and maintain a continuous feed of up to date fundamental analytics you should keep an eye on.
This is Steemit Exclusive Content - All content is mine and written and edited by me.
