Bitcoin BTC/USD is traded at the level of 7650. The cryptocurrency is traded within the Ichimoku Kinko Hyo Cloud, which indicates a flat trend for Bitcoin. The test area of Ichimoku Kinko Hyo signal lines near the level of 7500 is expected, from which one should expect a rebound and an attempt to continue the growth of the cryptocurrency with a target at 8200 level.
Bitcoin forecast & analysis BTC/USD June 3, 2018
In support of growth of quotations of cryptocurrency, a support level test will perform, as well as the formation of the «Head and Shoulders» reversal model. Earlier, a weak signal was received for buy of Bitcoin cryptocurrency, due to the crossing of signal lines at 7250 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 quotations below the area of 7200, which will indicate a change in the flat trend in favor of the bearish trend and the continued decline in the Bitcoin rate. Expect an acceleration in the growth of quotations BTC/USD stands with the breakdown of the upper boundary of the descending channel and the closing above the level of 7850.
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