Bitcoin Technical Analysis - 12.02.2018

According to 4 hourly chart when we look at the price of bitcoin today we see that it is in an important bottom formation.

• This is Head And Shoulder bottom formation and it is a reverse formation

• According to this formation, after prices over upper band, the price between the bottom level and the top band increases

• First resistance range is 8900-9000 USD levels.

• And 7800 USD leves is a important support level. If price will below this level then we can see new downtrend to below 6000 USD.

If everything goes well then we can reach the formation target of 12700 USD