FX.co ★ Bitcoin analysis for February 02, 2018

The Bitcoin (BTC) has been trading downwards. As I expected, the price reached my second target at the level of $8.300. Responding to strong market demand, AMD is planning to increase production of graphics cards which are currently in short supply. The recently launched RX Vega GPUs have virtually disappeared from shelves, with crypto mining gaining popularity among investors and enthusiasts. The revenue from the company's Graphics Division has reached almost a billion dollars in the last quarter of 2017. Recognizing the shortages, AMD is trying to satisfy both gamers and miners. Technical picture looks very bearish.

Trading recommendations:

According to the 1H time - frame, I found a broken pennant pattern in the background, which is a sign of weakness. I also found a strong bearrish momentum and my advice is to watch for potential selling opportunities. The next downward target is set at the price of $6.865.

Support/Resistance

$8.839 – Intraday resistance

$8.070– Intraday support

$6.865 – Objective target

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