Bitcoin BTC/USD are traded at 8970 and continue to move within the bearish channel. At this point, we should expect a test of the support level test near the 8000 area. Again, we should expect a rebound and an attempt to continue Bitcoin growth with a target above 12000, as part of the development of the «Head and Shoulders» reversal model.
Bitcoin forecast & technical analysis February 11, 2018
In favor of the growth of quotations BTC/USD will perform a test of the support line on the indicator of relative strength index (RSI). The abolition of the Bitcoin growth option will be the fall and breakdown of the 6500 area, which will indicate the reversal of the reversal pattern and the continuation of the BTC/USD fall below 5500. With the breakdown of the «Neckline» and the closing of quotes above the level of 10,000, it is necessary to confirm the development of Bitcoin growth.
Bitcoin forecast & technical analysis February 11, 2018 suggests an attempt to test the support level near 8000 and continue growth with a potential target at 12000, as part of the development of the «Head and Shoulders» reversal model, an additional signal for Bitcoin growth will be a trend line test on indicator of relative strength index (RSI).
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