Ready to bounce.
By Peter Rosenstreich
• Bitcoin bearish trend stops after breaking
hourly support at 6797 (06/02/2018), currently
trading at the 7350 range and expected to
approach 7460. Bitcoin bearish pattern started in
March continues. The pair is now contained
between hourly support and resistance given at
6306 (13/11/2017 low) and 10232 (01/02/2018
high). The technical structure suggests shortterm
increase.
• In the long-term, the digital currency has had
an exponential growth but also presented
important downturns. There is decent
likelihood that the currency could stabilize
between 7'000 - 12'000 in 2018. Bitcoin is trading
below its 200 DMA (7500 range).
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