The exchange rate of bitcoin continues to rise, and as a result, we may be witnessing an attack on the maxima that were created in February this week. The peak is located in the price region of 11700. In the case of breaking this area, I expect growth to continue at least around 12600.

Picture 1. Technical analysis, bitcoin, H1,07.03.2018

In the event of any correction, it is worth paying attention to the area around $ 11100, where the combination of the local support level and the upward trend line falls out. If we see a demand reaction in this area, then it should be a good opportunity to join to the upward trend.

Picture 2. Technical analysis, bitcoin, H4.07.03.2018

Breaking the indicated confluence may accelerate declines to around $ 10,300.

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

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