Bitcoin BTC/USD are traded at the level of 7347 and continue to move within a bearish trend. At this point, we should expect a test of the resistance level near the 7400 level. Where again we should expect a rebound and an attempt to continue the Bitcoin drop with a target below the level of 5900.
Bitcoin (BTC/USD) technical analysis April 5, 2018
In favor of falling quotes BTC/USD will perform a downtrend test on the indicator of relative strength index (RSI). The cancellation of Bitcoin fall will result in a strong growth and breakdown of the 7800 area, which will indicate a breakdown of resistance and a continuation of the growth above the level of 8500. A breakdown of the support area and a closing below the level of 6500 will prove the development of the bearish trend.
After the test of the lower limit of the «Wedge» model, one should expect an attempt to reverse the quotes of the cryptocurrency. A strong signal in favor of growth is the breakdown of the upper boundary of the «Wedge» model and the closing above the level of 7700. In favor of the fall, the breakdown of the lower boundary of the bullish channel at small time intervals will also perform.
Bitcoin (BTC/USD) technical analysis April 5, 2018 involves an attempt to test the resistance area near the 7400 level and continue falling with a potential target at 5900, an additional signal in favor of Bitcoin fall will be a trend line test on the relative strength index (RSI).