Bitcoin Forecast And Analysis For 7th February: Large Drop Could Signal Break Below 3337

In the early hours of this morning, a large decline caused the price of Bitcoin to fall over 100 points. This decline started after the price hit the sell area marked in yesterday update and it caused the price to break through both the small buy area I said could cause the price to reverse and the bigger area found just below.

At the time of this writing, the bitcoin course was equal to $3364 and the market capitalization was 59,787,788,915.

Currently, the price is inside the lower buy area I marked in Monday's post. We are seeing the price stall somewhat inside this area but I think it will ultimately break through it and fall below the 3337 support level sometime tonight or in the early hours of tomorrow morning. A break below 3337 would indicate a further decline to 3226 as that’s the next most recent point a large number of traders/investors bought a significant amount of Bitcoin. However, we could see some small rises take place as the price falls towards it.

For the moment, wait to see if the price breaks 3337 or if it reverse and moves back towards the sell area.