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Bitcoin fell significantly during the session on Monday, reaching towards the $5700 level. However, I see a significant amount of support below here, and I think that the $5600 level will be massively supportive, followed by the $5500 level. This is probably less to do with Bitcoin and more to do with the US dollar as we have seen significant bullish pressure in the greenback around the world due to the expectations of tax cuts.
Bitcoin also fell against the Japanese yen, but I think we are approaching a significant support level near the ¥650,000 level. Because of this, I am looking at this pullback has a potential buying opportunity, because quite frankly I think that the crypto currency market is taking a breather after the bullish run that we had seen over the last several days. This should be looked at as a potential buying opportunity, and because of this I am rather bullish, yet willing to be patient.
Thanks for watching, I’ll be back tomorrow.