Bitcoin BTC/USD is trading at 6335. The cryptocurrency is trading below the lower boundary of the Ichimoku Kinko Hyo Cloud, indicating a bearish trend in Bitcoin. The test of the lower boundary of Ichimoku Kinko Hyo Cloud near the level 6380 is expected, from which we should expect a rebound and an attempt to continue the fall of Bitcoin cryptocurrency with a target at 5850 level.
Bitcoin forecast & analysis BTC/USD July 16, 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 buy of Bitcoin cryptocurrency, due to the crossing of signal lines at 6250 level.
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 quotations above the area of 6500, which will indicate a change in the bearish trend in favor of the bullish trend and the continued growth of Bitcoin. Expect to accelerate the fall in quotes BTC/USD is with the breakdown of the support area and closing below the level of 6050.
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