Bitcoin bearish trend continues, trading below 8000 and heading for the 7400 range. Bitcoin bearish pattern started in March continues. The pair is contained between hourly support and resistance given at 6797 (06/02/2018 low) and 10232 (01/02/2018 high). The technical structure suggests short-term decrease.
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 (7500 range).