Bitcoin BTC/USD are traded at 7855 and continue to move in a bearish trend. At this point, we should expect a test of the resistance area near the 7900 level. Where again, we should expect a rebound and an attempt to continue the Bitcoin drop below 7200 level.
Bitcoin (BTC/USD) technical analysis on March 29, 2018
In favor of falling quotes BTC/USD will perform a downtrend test on the indicator of relative strength index (RSI). The cancellation of the Bitcoin drop will result in a strong growth and breakdown of the 8150 area, which indicates the breakdown of the upper bound of the «Triangle» model and the continuation of the growth above the level of 8800. The bottom line of the «Triangle» model and the closing below the level of 7550 will prove the development of the bearish trend.
Bitcoin (BTC/USD) technical analysis on March 29, 2018 suggests an attempt to test the resistance area near the 7900 level and continue falling with a potential target at 7200, an additional signal in favor of the Bitcoin drop will be a trendline test on the relative strength index (RSI).