Bitcoin Resistance Zone
We've seen a strong bounce after briefly crashing back below $1000 over hard fork fears. To me, this bounce is suggesting that the market expects the BTC vs BTU debate to be resolved without any major upheaval to the bitcoin market, ie there won't be a hard fork.
That being said, I expect to see this bounce run into resistance in the $1160-1180 zone. The size and duration of the possible pullback from this zone will give further hints on how the hard fork issue will play out. A big drop from there on the back of more news/discussions that a hard fork is likely could see us plunge to new lows, although I think that's unlikely.
Strong price action above this zone, especially $1200, would suggest the uptrend is back intact.
That being said, I expect to see this bounce run into resistance in the $1160-1180 zone. The size and duration of the possible pullback from this zone will give further hints on how the hard fork issue will play out. A big drop from there on the back of more news/discussions that a hard fork is likely could see us plunge to new lows, although I think that's unlikely.
Strong price action above this zone, especially $1200, would suggest the uptrend is back intact.
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