Bitcoin BTC/USD is trading at 7331. The cryptocurrency is traded 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 7500, from which we should expect a rebound and an attempt to continue the fall of the cryptocurrency with a target at 6650 level.
Bitcoin forecast & analysis BTC/USD May 31, 2018
In favor of falling quotations of cryptocurrency will test the upper limit of the descending channel, as well as a test of the resistance level. Earlier, a strong signal was received for sell of Bitcoin cryptocurrency, due to the crossing of signal lines at the level of 8350.
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 7900, which will indicate a change in the bearish trend in favor of the bullish trend and the continued growth of Bitcoin. Expect to accelerate the fall in quotes BTC/USD is with the breakdown of the support area and closing below the level of 7000.
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