The downward trend in the most popular bitcoin cryptocurrencies is in full swing. The end of last week was marked by the creation of another new minimum, which is currently located in the price region of $ 8,000. Currently, this level is tested three times already, but weaker and weaker reactions indicate the possibility of breaking it.

Picture 1. Technical analysis, bitcoin, H4,05.02.2018

In the case of breaking the indicated area, the next target for bears seems to be a round level of 7,000 USD. On the other hand, if the demand side is able to maintain the current levels it will mean creating a triple bottom formation.

Picture2. Technical analysis, bitcoin, M30,05.02.2018

The first important resistance for buyers is the local supply zone, which is in the price region of $ 8,900.

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

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