Bitcoin BTC/USD is trading at 8567. The cryptocurrency is trading below the lower boundary of the Ichimoku Kinko Hyo Cloud, indicating a bearish trend in Bitcoin. Ichimoku Kinko Hyo signal line area test near the 9050 level is expected, from which it is expected to rebound and attempt to continue falling with a target at 6800. An additional signal in favor of the drop will be a test of the resistance level, as well as a test of the upper boundary of the bearish channel.
Bitcoin forecast & analysis BTC/USD on February 5, 2018
Earlier, a weak signal was received for the sell of Bitcoin cryptocurrency, due to the crossing of signal lines at the level of 10850. The cancellation of the variant of Bitcoin quotations drop will be the breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes above the area of 10350, which will indicate a change in the bearish trend in favor of the bullish trend. Expect the acceleration of the fall in quotations BTC/USD stands with the breakdown of the lower boundary of the bearish channel and the closing below the level of 6200.
In favor of the fall will also be the formation of the reversal model «Head and Shoulders». In this case, you should expect a test level of 9200 and the continuation of the fall. Canceling the model will break through the level of 9500. Expect to accelerate the fall is with the breakdown of the line «Neckline» and the closures below the level of 8050.
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