Bitcoin BTC/USD is trading at 6694 and continues to move within the bullish channel. The cryptocurrency is traded above the upper boundary of the Ichimoku Kinko Hyo Cloud, indicating a bullish trend in Bitcoin. As part of the forecast of the digital currency exchange rate, the Ichimoku Kinko Hyo Cloud upper bound test is expected near the level of 6550, from which one should expect a rebound and an attempt to continue the growth of Bitcoin cryptocurrency with a target at 7100.
Bitcoin forecast & analysis BTC/USD August 26, 2018
In favor of the growth of the cryptocurrency BTC/USD quotes, a test of the support area will perform, as well as a rebound from the lower border of the bullish channel. Earlier, a strong signal was received for buy of Bitcoin cryptocurrency, due to the crossing of signal lines at 6430 level.
The cancellation of the variant of Bitcoin quotations growth will be the breakdown of the lower boundary of the Cloud of Ichimoku Kinko Hyo with the closing of quotations below the area of 6200, which will indicate a change in the bullish trend in favor of a bearish trend and the continued decline in the Bitcoin rate. Expect the acceleration of the growth of quotations BTC/USD stands with the breakdown of the resistance area and the closing above the level of 6900.
Bitcoin forecast & analysis BTC/USD August 26, 2018 suggests an attempt at correction of the cryptocurrency and support level test near the area of 6550, from which it is expected to continue the growth of Bitcoin with a potential target near the level of 7100, the cancellation of the growth scenario will be a strong fall and the breakdown of area 6200, which will indicate the resumption of the downward trend and the continuation of the decline.
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