Bitcoin BTC/USD is trading at 7504. The cryptocurrency is trading above the upper boundary of the Ichimoku Kinko Hyo Cloud, indicating a bullish trend in Bitcoin. Ichimoku Kinko Hyo Cloud is expected to test near the 7400 level, from which we 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 7, 2018
In support of the growth of the cryptocurrency quotations, a test of the support area will perform, as well as a test of the upper boundary of the descending channel. Earlier, we received a weak signal for sell of Bitcoin cryptocurrency, due to the crossing of signal lines at the level of 7250.
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 bullish trend in favor of the bearish trend and the continued decline in Bitcoin. Expect to accelerate the growth of quotations BTC/USD stands with the breakdown of the upper limit of the model «Triangle» and the closing above the level of 7800.
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