Bitcoin BTC/USD is trading at 13904. Cryptocurrency is traded below the lower boundary of the Ichimoku Kinko Hyo Cloud, indicating a bearish trend in Bitcoin. Ichimoku Kinko Hyo Cloud near the level 14000 is expected to be tested near the level of 14000, from which we should expect a rebound and an attempt to continue the fall with the target close to 11700.
Bitcoin forecast & analysis BTC/USD on December 29, 2017
Earlier we received a weak signal for buy of Bitcoin cryptocurrency due to the crossing of signal lines at 13450 level. The cancellation of the variant of Bitcoin quotations drop will be the breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotations below the area of 15500, which will indicate a change in the bearish trend in favor of the bullish trend. Expect to accelerate the fall in quotations BTC/USD is with a breakdown of the level of support and closing below 11200.
However, we should not exclude the attempt to form the reversal model «Head and Shoulders». In this case, you should expect to complete the right shoulder of the model at 15200 and continue the fall. Canceling the model will break through the level of 16000, in this case it is expected to continue the growth of the cryptocurrency.
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