Last weeks were not the best for the world’s most popular cryptocurrency. After a period of dynamic sell-off, bitcoin quotes fell into the consolidation period, which is likely to end with the beginning of this year. The first signal is to break the downward trend line, which opens the way to the attack on the supply zone located in the price region of 16000 USD.

Picture 1. Technical analysis, bitcoin,H1,3.1.2018

If th mentioned supply zone will be break,it’s opening the road to attack the last historic maxima, which should not be too much a hindrance to buyers if tested.

Picture 2. Technical analysis, bitcoin, H4,3.1.2018

From the point of view of the H4 time frame, it is clearly visible that we are roughly halfway between the last strong support and the last peaks. Therefore, the price still has a lot of space to expand northward.

Risk Warning: The contents of this analysis is for informational purposes only and does not constitute investment advice.

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