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).
