Bitcoin BTC/USD is trading at 8141. The cryptocurrency is traded above the upper boundary of the Ichimoku Kinko Hyo Cloud, indicating a bullish trend in Bitcoin. The test area of Ichimoku Kinko Hyo signal lines near the 7920 level is expected, from which we should expect a rebound and an attempt to continue the growth of Bitcoin cryptocurrency with a target at 9000 level.
Bitcoin forecast & analysis BTC/USD July 29, 2018
In favor of the growth of the BTC/USD cryptocurrency, the support area test will perform, as well as the test of the lower border of the channel. Earlier, we received a weak signal for sell of Bitcoin cryptocurrency, due to the crossing of signal lines at 8100 level.
The cancellation of the variant of Bitcoin quotations growth will be the breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes below the area of 7300, which will indicate a change in the bullish trend in favor of the bearish trend and the continued decline in the Bitcoin rate. Expect the acceleration of the growth of quotations BTC/USD stands with the breakdown of the resistance area and the closing above the level of 8450.
An additional signal in favor of growth is also the formation of an inverted «Head and Shoulders» model at small time intervals. The target of the model is the area at the level of 8700. The breakdown of the model will be the breakdown of the area of 7750. The completion of the formation of the model is with the breakdown of the area 8280.