BITCOIN Continued Consolidation

Bitcoin is trading sideways along the 9000 range, expected to maintain a bullish consolidation phase. 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).