Quotations of the most popular bitcoin cryptocurrency after the promising start of the week and a large demand gap in just two days managed to not only close the gap, but also to continue declines to around 10,000 USD. Currently, the local minimum is 9,700 USD, and the rate stays just above 10,000 USD.

Picture 1. Technical analysis, bitcoin, H1,31.01.2018

The recovery in this region seems quite probable, however, the first problems appear along with the potential test of the local downward trend line, which falls a little higher. Its breaking may bring a return to around 11700 USD.

Picture 2. Technical analysis, bitcoin, H4,31.01.2018

Negative levels of $ 10,000 will be the starting point for further falls, at least in the region of 9,000 USD.

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

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