Bitcoin BTC/USD is trading at 6960. The cryptocurrency is trading below the lower boundary of the Ichimoku Kinko Hyo Cloud, indicating a bearish trend in Bitcoin. The test area of the Ichimoku Kinko Hyo signal lines near the level of 7150 is expected, from which we should expect a rebound and an attempt to continue the fall of Bitcoin cryptocurrency with a target at 6380.
Bitcoin forecast & analysis BTC/USD August 5, 2018
In favor of lowering the quotations of the BTC/USD cryptocurrency, a resistance level test will perform, as well as a test of the upper boundary of the channel. Earlier, a weak signal was received for sell of Bitcoin cryptocurrency, due to the crossing of signal lines at 8050 level.
Canceling the variant of Bitcoin quotations decrease will be the breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotations above the area of 7650, which will indicate a change in the bearish trend in favor of the bullish trend and the continued growth of Bitcoin. Expect the acceleration of the fall in quotations BTC/USD stands with the breakdown of the support area and the closure below the level of 6700.
Bitcoin forecast & analysis BTC/USD August 5, 2018 suggests an attempt to develop a correction of the cryptocurrency and a test of the level of 7150, from which it is expected to continue the decline of the Bitcoin exchange rate with a potential target near the level of 6380, the abolition of the decline option will make a strong growth and breakdown of the area 7650.