Bitcoin rise started in mid-April pauses, the pair is bouncing off from 8102 low and heading along the 8450 range. Bitcoin bearish pattern started in March 2018 is maintained. The pair is contained between hourly support and resistance given at 6306 (13/11/2017 low) and 10232 (01/02/2018 high). The technical structure suggests short-term 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 (8500 range).
