Remain short | 23 February 2018

Wave Analysis:

Bears are slowly gaining control after the bulls driving the price massively to the upper side. We expect further price drop per coin with our target being 4677.97, and may break lower with our next ideal target being 1200.00. The anticipated bearish price rally is the continuation of the impulsive wave (v) to the lower side and will likely break below 4677.97 towards 1200.00 as just stated. From our observation, what took bitcoin to gain in 12 months, is almost being undone in just 2 months, this is no good news to the buyers. With that in mind, a drop in price is highly expected.

Trade Recommendation:

Remain short towards 4677.97.

The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.