Bitcoin BTC/USD is trading at 11369. The cryptocurrency is traded above the upper boundary of the Ichimoku Kinko Hyo Cloud, indicating a bullish trend for Bitcoin. Ichimoku Kinko Hyo Cloud is expected to test the upper boundary near area 10650, from which we should expect a rebound and an attempt to continue growth with the target at 12150 level.
Bitcoin forecast & analysis BTC/USD on March 6, 2018
In favor of lowering the quotations of the cryptocurrency, the formation of the «Wedge» model appears. Earlier, a weak signal was received for buy of Bitcoin cryptocurrency, due to the crossing of signal lines at 9800 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 9800, which will indicate the change of the bullish tendency in favor of the bearish trend. 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 11800.
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