Bitcoin BTC/USD is trading at 8315. The cryptocurrency is trading below the lower boundary of the Ichimoku Kinko Hyo Cloud, indicating a bearish trend in Bitcoin. The test area of Ichimoku Kinko Hyo signal lines near the level of 8500 is expected, from which we should expect a rebound and an attempt to continue falling of the cryptocurrency with a target at the level of 7500.
Bitcoin forecast & analysis BTC/USD May 17, 2018
In favor of falling quotations, the cryptocurrency will perform a resistance level, as well as a test of the upper boundary of the bearish channel. Earlier, a strong signal was received for the sell of Bitcoin cryptocurrency, due to the crossing of signal lines at the level of 8550.
The cancellation of the variant of Bitcoin quotations drop will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotations above the 9100 area, which will indicate a change in the bearish trend in favor of the bullish trend and the continued growth of Bitcoin. Expect the acceleration of the fall in quotes BTC/USD stands with the breakdown of the support area and closing below the level of 8000.