Bitcoin BTC/USD is traded at the level of 7009. The cryptocurrency is traded below the lower boundary of the Ichimoku Kinko Hyo Cloud, which indicates a bearish trend in Bitcoin. The test area of the Ichimoku Kinko Hyo signal lines near the 7220 level is expected, from which we expect a rebound and an attempt to continue the fall of Bitcoin cryptocurrency with a target at 6320.
Bitcoin forecast & analysis BTC/USD August 6, 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 to accelerate the fall in quotations BTC/USD is with the breakdown of the support area and the closure below the level of 6750.
Bitcoin forecast & analysis BTC/USD August 6, 2018 suggests an attempt to develop a correction of the cryptocurrency and the 7220 test, from which it is expected to continue the decline of the Bitcoin exchange rate with a potential target near the level of 6320, the abolition of the decline option will be strong growth and breakdown of the area 7650.