BITCOIN Bearish Consolidation

Bitcoin is trading sideways at 8500 range, expected to head slightly lower along the 8350 range. Bitcoin is contained between hourly support and resistance given at 6797 (06/02/2018 low) and 10232 (01/02/2018 high). The technical structure suggests further short-term sideways trading moves.

In the long-term, the digital currency has had an exponential growth but also presented important downturns. There is decent likelihood that the currency could stabilize between 7’000 – 12’000 in 2018. Bitcoin is approaching its 200 DMA (7000 range).