After the bloodiness of last week (I really don't like to remember that), the price of Bitcoin went up and stabilized a bit. Right now we are in the $5k range but the big question is where to next. Is it a taste or a bigger and much worse bearish run, or is it a pivot and a stepping stone for a great and a much appreciated bullish run. Well let's try and analyse both outcomes.

Well for us to say that we are in a bullish trend, them Bitcoin will have to make $5,500 a support rather than a resistance and from there push for a daily higher high of above $5,900. The $6,300 price is expected by many analysts to form a resistance but above this, retail traders will begin to gain confidence again and can push price back up to break up into the $7,000s. Getting a rejection between the $6,300 to the $6,500 range may not necessarily be seen as a bad thing because it means that people's confidence is returning to the market and a rejection is needed to plot a new high.

On the flip side however, we can say that it is entering a bearish scenario if the price drops down to the $4,800 and $4,400 support line. This is however not the worst case scenario though as it can still further go down into the $3,000s as we saw it does even though it didn't stay there long. That on its own isn't the worst case scenario though, and we all know what it is and wouldn't want it to get that bad. We however have some good news though, we can see from the higher timeframes that Bitcoin is oversold and so we can expect a reversal or pullback soon.

Currently as I'm writing this piece, the price of Bitcoin is trading at $6,152. I won't be making any predictions, but let's see where it goes from there.