Bitcoin BTC/USD is trading at 9290. The cryptocurrency is trading below the lower boundary of the Ichimoku Kinko Hyo Cloud, which indicates a bearish trend in Bitcoin. Ichimoku Kinko Hyo Cloud is expected to test the upper boundary near area 9600, from which we should expect a rebound and an attempt to continue the fall of the cryptocurrency with the target at 8500 level.
Bitcoin forecast & analysis BTC/USD May 10, 2018
In favor of falling quotations, the cryptocurrency will perform a resistance level, as well as the formation of the «Head and Shoulders» reversal model. Earlier, we received a weak signal for sell of Bitcoin cryptocurrency, due to crossing of signal lines at the level of 9550.
Canceling the variant of Bitcoin quotations drop will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotations above the area of 9900, which will indicate a change in the bearish trend in favor of the bullish trend and the continued growth of Bitcoin. Expect the acceleration of the fall in quotes BTC/USD stands with the breakdown of the support area and closing below the level of 8800.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
