Last week proved to be extremely unlikely for the most popular bitcoin cryptocurrency. For 5 days we observed dynamic declines, which finally ended on Friday slightly above the level of 8,000 dollars. Currently, we can observe a demand rebound with the first target in the price range of $ 9,900.

Picture 1. Technical analysis, bitcoin, D1,12.02.2018

The said level of 9,900 is the supply zone, the breaking of which opens the way to attack at least the price region of 11,600 dollars, where the key resistance level is located. It seems, however, that the indicated zone should not be broken down directly.

Picture 2. Technical analysis, bitcoin, H1,12.02.2018

In the event of a possible defense of the supply zone, it is possible to maintain a downward trend and re-attack to support $ 8,000.
Risk Warning: The content of this analysis is for informational purposes only and does not constitute investment advice.

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