Bitcoin BTC/USD is trading at 10805. 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 near the 10600 area, from which it is expected to rebound and attempt to continue growth with a target at 12150.
Bitcoin forecast & analysis BTC/USD on March 7, 2018
In support of the growth of the cryptocurrency quotations, a support level test will perform, as well as a test of the lower boundary of the channel. 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 trend 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.
With the breakdown of the 9000 area, it is expected to continue the fall in the price of the cryptocurrency in the framework of the start of the development of the reversal model «Double Top».
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
