Bitcoin (BTC/USD) technical analysis April 4, 2018

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Bitcoin BTC/USD are traded at the level of 7318 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 4, 2018

In favor of falling quotes BTC/USD will perform a downtrend test on the indicator of relative strength index (RSI). The abolition of the Bitcoin fall will be a strong growth and breakdown of the 7600 area, which will indicate a breakdown of the 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.

Bitcoin (BTC/USD) technical analysis April 4, 2018

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.

Bitcoin (BTC/USD) technical analysis April 4, 2018 involves an attempt to test the resistance area near the 7400 level and continue falling with a potential target at the level of 5900, an additional signal in favor of the Bitcoin drop will be a trendline test on the relative strength index (RSI).

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