Bitcoin BTC/USD is trading at 11262. The cryptocurrency is traded below the lower boundary of the Ichimoku Kinko Hyo Cloud, indicating a bearish trend in Bitcoin. Ichimoku Kinko Hyo Cloud near the level 11350 is expected to be tested near the level of 11350, from which we should expect a rebound and an attempt to continue falling with the target at 8800. Earlier we received a weak signal for buy of Bitcoin cryptocurrency due to the crossing of signal lines at level 11200.
Bitcoin forecast & analysis BTC/USD on January 22, 2018
Cancellation of the variant of Bitcoin quotations drop will be a breakdown of the upper boundary of Ichimoku Kinko Hyo Cloud with the closing of quotes above the area of 12500, which indicates the change of the lateral trend in favor of the descending one.
It is not necessary to exclude the attempt to form the reversal model «Head and Shoulders». In this case, with the break of the level of the «Neckline» and the closing above the area of 12850, one should expect the continuation of growth in the area above the level of 17000 as part of the model’s development. The cancellation will be a breakdown of the level 8600, which will indicate the cancellation of the reversal pattern and the continuation of the fall.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
