Bitcoin BTC/USD are traded at the level of 7517 and continue to move within the bearish channel. At this point, we should expect a test of the support level near the 7250 area. Again, we should expect a rebound and an attempt to start the growth of the Bitcoin exchange rate with a target above 8200 level.
Bitcoin (BTC/USD) technical analysis June 1, 2018
In favor of the growth of quotations BTC/USD will break the resistance line on the indicator of relative strength index (RSI), as well as the formation of the reversal model inverted «Head and Shoulders». The abolition of the Bitcoin growth option will be the fall and breakdown of the 6900 area, which will indicate the continued decline in the Bitcoin exchange rate.
Do not forget that the cryptocurrency is traded within the framework of the «Triangle» model. In case of rebound from the lower boundary, the target for growth may be the area above the level of 17,000.
Bitcoin (BTC/USD) technical analysis June 1, 2018 involves testing the support level near the 7250 area and continuing growth with a potential target at 8200, an additional signal in favor of Bitcoin’s growth will be a breakdown of the trend line on the relative strength index (RSI).
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