Bitcoin BTC/USD is traded at the level of 9968. The cryptocurrency is trading below the lower boundary of the Ichimoku Kinko Hyo Cloud, indicating a bearish trend in Bitcoin. Ichimoku Kinko Hyo Cloud near the 10150 area is expected, from which one should expect a rebound and an attempt to continue growth with the target at 11450 level.
Bitcoin forecast & analysis BTC/USD on March 8, 2018
In favor of falling quotations of cryptocurrency, a resistance level test will perform. Earlier, we received a weak signal for sell of Bitcoin cryptocurrency, due to crossing of signal lines at the level of 10900.
The cancellation of the variant of Bitcoin quotations drop will be the breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes above the area of 11200, which will indicate the change of the bearish trend in favor of the bullish trend. Expect to accelerate the fall in quotes BTC/USD is with the breakdown of the support area and the closure below the level of 9800.
With the breakdown of the 9000 area, it is expected to continue the fall in the prices of the cryptocurrency in the framework of the start of the development of the reversal model «Double Top» with a potential target below the level of 7000.
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