Bitcoin BTC/USD are traded at the level of 10933 and continue to move as part of the reduction and start-up of the bearish model «Wolfe Wave». At this point, we should expect a test of the resistance area near the level of 11200. Again, we should expect a rebound and an attempt to continue the Bitcoin drop with a target below 9500 as part of the start of the development of the reversal model «Double Top». In favor of falling quotes BTC/USD will test the trend line on the indicator of relative strength index (RSI).
Bitcoin forecast & technical analysis on March 7, 2018
The abolition of the Bitcoin reduction option will be a strong growth and a breakdown of the region of 12,000, which will indicate the breakdown of the upper boundary of the model and the continuation of the growth of BTC/USD above the level of 12500. Confirmation of the fall will break the uptrend line and close below the level of 10250.
Bitcoin forecast & technical analysis on March 7, 2018 suggests an attempt to test the resistance area near the level of 11200 and continue falling with a potential target at 9500 as part of working out the reversal forex model «Double Top», an additional signal in favor of the Bitcoin drop will be a trend line test on indicator of relative strength index (RSI), the abolition of the reduction option will be a strong growth and breakdown of the region of 12000.
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