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There is no question that Bitcoin (BTC/USD) might be the hottest thing to hit the market place since the Dotcom boom in the late 1990's. Traders should note that Bitcoin put in a high pivot on December 16, 2017 at 19,891.00 a coin. Since that peak Bitcoin has been very choppy and volatile with everyone under the sun opening a crypto-currency account. There are two key support levels that Bitcoin traders should know in the near term. The first one is the 11,160.00 area. This level was defended on December 21, 2017 when Bitcoin plunged lower. Often, levels that held up on a sharp decline will be defended again when initially tested. The next major support level will be much lower for the popular crypto-currency, it is around the 7,600 level. I will be watching these levels closely over the coming weeks as there will be opportunities for the patient trader that does not fall victim to Bitcoin hype.
