Bitcoin BTC/USD is trading at 12571. The cryptocurrency is trading below the lower boundary of the Ichimoku Kinko Hyo Cloud, indicating a bearish trend in Bitcoin. Ichimoku Kinko Hyo signal line area test near the 12950 level is expected, from which we should expect a rebound and an attempt to continue the fall with the target close to 10000. In favor of the fall of the cryptocurrency is the formation of the «Head and Shoulders» reversal model.
Bitcoin forecast & analysis BTC/USD on January 1, 2018
Earlier, a medium strength signal was obtained for the sell of Bitcoin cryptocurrency, due to the crossing of signal lines at 13750 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 quotes below the area of 14000, which will indicate the change of the bearish trend in favor of the bullish trend. Expect the acceleration of the fall in quotations BTC/USD stands with a breakdown of the level of 11800.
It is not necessary to exclude the formation of the bullish model «Wolfe Wave». In this case, we should expect the continuation of the fall in the area below the level of 8200, from which we should expect a rebound and the beginning of the growth of quotations of the cryptocurrency with a potential target at 17850.
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