Bitcoin BTC/USD is trading at 12,157. 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 12750 level is expected, from which we should expect a rebound and an attempt to continue the fall with the target close to 9700. In favor of the fall of the crypto currency is the formation of the «Head and Shoulders» reversal model. Earlier, a medium strength signal was obtained for the sell of Bitcoin cryptocurrency, due to the crossing of signal lines at 13750 level.
Bitcoin forecast & analysis BTC/USD on December 31, 2017
Cancellation of the variant of Bitcoin quotations drop will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes below the area of 14200, which will indicate the change of the bearish trend in favor of the bullish trend. Expect the acceleration of the fall in quotations BTC/USD stands with a breakdown of the level of 11800.
It is not necessary to exclude the formation of the bullish model «Wolfe Wave». In this case, we should expect the continuation of the fall in the area below the level of 8200, from which we should expect a rebound and the beginning of the growth of quotations of the cryptocurrency with a potential target at 17850.
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