Bitcoin BTC/USD is trading at 9327. The cryptocurrency is trading below the lower boundary of the Ichimoku Kinko Hyo Cloud, indicating a bearish trend in Bitcoin. The Ichimoku Kinko Hyo Cloud upper limit test is expected near the area of 9500, from which one should expect a rebound and an attempt to continue the fall of the cryptocurrency with a target at 8500 level.
Bitcoin forecast & analysis BTC/USD May 11, 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.
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 9800, 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.
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