Bitcoin BTC/USD is trading at 6962. The cryptocurrency is traded below the lower boundary of the Ichimoku Kinko Hyo Cloud, indicating a bearish trend in Bitcoin. Ichimoku Kinko Hyo Cloud test is expected near the area of 7000, from which it is expected to rebound and attempt to continue falling with a target at 6000 level.
Bitcoin forecast & analysis BTC/USD April 9, 2018
In favor of falling quotations of the crypto currency will test the resistance area, as well as the formation of the reversal model «Head and Shoulders». The target of the model is the area at the level of 5500. Earlier, a weak signal was received for buy of Bitcoin cryptocurrency, due to the crossing of signal lines at 6850 level.
Canceling the variant of Bitcoin quotations drop will be the breakdown of the upper boundary of Ichimoku Kinko Hyo Cloud with the closing of quotations above the area of 7500, which will indicate the change of the bearish trend in favor of the bullish trend. Expect to accelerate the fall in quotes BTC/USD is with the breakdown of the support area and the closure below the level of 6300.