Bitcoin BTC/USD are traded at 6879 and continue to move in bearish trend. At this point, we should expect a test of the resistance level near the area of 7300. Again, we should expect a rebound and an attempt to continue falling Bitcoin with a target below the level of 5700.
Bitcoin (BTC/USD) technical analysis April 8, 2018
In favor of falling quotes BTC/USD will test the trend line on the indicator of relative strength index (RSI). The cancellation of the Bitcoin drop option will result in a strong growth and a breakdown of the area of 7700, which will indicate the breakdown of the upper border of the channel and the continuation of growth above the level of 9100. A breakdown of the support area and the closure below the level of 6400 will prove the development of the bearish trend.
In favor of the fall of BTC/USD is also the formation of the reversal model «Head and Shoulders» at small time intervals. Completion of the model will break through the level of 6300.
Bitcoin (BTC/USD) technical analysis April 8, 2018 suggests an attempt to test the resistance level near the 7300 area and continue falling with a potential target at 5800, an additional signal in favor of the Bitcoin drop will be a trend line test on the relative strength index (RSI).