Bitcoin BTC/USD is trading at 6,157. The cryptocurrency is traded 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 6400 is expected, from which we should expect a rebound and an attempt to continue the fall of Bitcoin cryptocurrency with a target at 5400 level.
Bitcoin forecast & analysis BTC/USD August 9, 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.
The cancellation of the variant of Bitcoin quotations decrease will be the breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes above the area of 7350, which will indicate the change of the bearish trend in favor of the bullish trend and the continued growth of Bitcoin. Expect the acceleration of the fall in quotes BTC/USD stands with the breakdown of the support area and closing below the level of 5800.
Bitcoin forecast & analysis BTC/USD August 9, 2018 suggests an attempt to develop a correction of the cryptocurrency and a test of the level of 6400, from which it is expected to continue the decline of the Bitcoin exchange rate with a potential target near the level of 5400, the abolition of the decline option will make a strong growth and breakdown of the region 7350.
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