Bitcoin BTC/USD is trading at 8525. The cryptocurrency is trading below the lower boundary of the Ichimoku Kinko Hyo Cloud, indicating a bearish trend in Bitcoin. The test of the lower boundary of Ichimoku Kinko Hyo Cloud near the level of 8650 is expected, from which we should expect a rebound and an attempt to continue the fall of the cryptocurrency with a target at 7600 level.
Bitcoin forecast & analysis BTC/USD May 16, 2018
In favor of falling quotations, the cryptocurrency will perform a resistance level, as well as a downtrend test. Earlier, we received a weak signal for sell of Bitcoin cryptocurrency, due to crossing of signal lines at the level of 9550.
The cancellation of the variant of Bitcoin quotations drop will be the breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes above the area of 9200, which will indicate the change of the bearish trend in favor of the bullish trend and the continued growth of Bitcoin. Expect to accelerate the fall in quotes BTC/USD is with the breakdown of the support area and the closing below the level of 8200.