Bitcoin BTC/USD is traded at 6503. The cryptocurrency is traded within the Ichimoku Kinko Hyo Cloud, which indicates a flat trend in Bitcoin. As part of the forecast of the digital currency exchange rate, the Ichimoku Kinko Hyo signal line area test is expected near the level of 6350, from which one should expect a rebound and an attempt to continue the growth of Bitcoin cryptocurrency with a target at 7300 level.
Bitcoin forecast & analysis BTC/USD August 20, 2018
In favor of the growth of the BTC/USD cryptocurrency quotes, a support area test will perform, as well as a rebound from the lower bound of the «Triangle» model. Earlier, a medium strength signal was received for the sell of Bitcoin cryptocurrency, due to the crossing of signal lines at 6400 level.
The cancellation of the variant of Bitcoin quotations growth will be the breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes below the area of 6100, which will indicate a change in the flat trend in favor of the bearish trend and the continued decline in the Bitcoin rate. To expect confirmation of the growth of quotations of BTC/USD and the resumption of the upward trend is due to the breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud and the closing above the level of 6650.
Bitcoin forecast & analysis BTC/USD August 20, 2018 suggests an attempt to correct the cryptocurrency and support level test near the area of 6350, where we can expect the Bitcoin rate to continue growing with a potential target near the level of 7300, the cancellation of the growth scenario will be a strong fall and the breakdown of the 6100 area, which will indicate the resumption of the downward trend and the continuation of the decline.
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