Bitcoin BTC/USD is trading at 8470. The cryptocurrency is trading below the lower boundary of the Ichimoku Kinko Hyo Cloud, indicating a bearish trend in Bitcoin. Ichimoku Kinko Hyo Cloud is expected to test near the level of 8500, from which we should expect a rebound and an attempt to continue the fall of the cryptocurrency with a target at 7600 level.
Bitcoin forecast & analysis BTC/USD May 21, 2018
In favor of falling quotations of cryptocurrency, resistance areas will appear, as well as a test of the upper boundary of the bearish channel. Earlier, a weak signal was received for buy of Bitcoin cryptocurrency, due to the crossing of signal lines at the level of 8300.
Canceling 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 8800, 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 8000.
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