Bitcoin BTC/USD is trading at 10175. The cryptocurrency is trading below the lower boundary of the Ichimoku Kinko Hyo Cloud, indicating a bearish trend in Bitcoin. Ichimoku Kinko Hyo Cloud near the 10500 level is expected to be tested near the level of 10500, from which one should expect a rebound and an attempt to continue falling with the target at 7900.
Bitcoin forecast & analysis BTC/USD on January 23, 2018
Earlier, a signal of medium strength was obtained for sell of Bitcoin cryptocurrency, by crossing signal lines at level 11200. 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 above the area of 12100, 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.
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