Bitcoin BTC/USD are trading at 6679 and continue to move in the bearish trend. At this point, we should expect a test of the resistance level near the area of 6900. Where again we should expect a rebound and an attempt to continue the Bitcoin drop with a target below the level of 5500.
Bitcoin (BTC/USD) technical analysis April 11, 2018
In favor of falling quotes BTC/USD will perform a test of a broken trend line on the indicator of relative strength index (RSI). The abolition of Bitcoin’s fall will be a strong growth and breakdown of the 7200 area, which will indicate the breakdown of the resistance area and the continuation of growth above the level of 9100. A breakdown of the support area and the closure below the level of 6400 will confirm the development of the bearish trend.
In favor of the fall of BTC/USD is also the formation of the reversal model «Head and Shoulders» at small time intervals. Completion of the model will break through the level of 6300. Canceling the model will breakdown the area of 7500, indicating that the continued growth.
Bitcoin (BTC/USD) technical analysis April 11, 2018 suggests an attempt to test the resistance level near the area of 6900 and continue falling with a potential target at 5500, an additional signal in favor of Bitcoin’s fall will be a trend line test on the relative strength index (RSI).