Bitcoin BTC/USD are traded at 6896 and continue to move in a bearish trend. At this point, we should expect a test of the resistance level near the level of 7200. Where again we should expect a rebound and an attempt to continue the Bitcoin drop with a target below the level of 5900.
Bitcoin (BTC/USD) technical analysis April 3, 2018
In favor of falling quotes BTC/USD will perform a downtrend test on the indicator of relative strength index (RSI). The abolition of the Bitcoin fall will be a strong growth and a breakdown of the area of 7500, which will indicate a breakdown of resistance and the continuation of growth above the level of 8200. Confirmation of the bearish trend will break down the lower boundary of the descending channel and close below 5600 level.
After the test of the lower limit of the «Wedge» model, one should expect an attempt to reverse the quotes of the cryptocurrency. A strong signal in favor of growth will be a breakdown of the upper limit of the «Wedge» model and a close above the level of 7600.
Bitcoin (BTC/USD) technical analysis April 3, 2018 suggests a test of the resistance area near the 7200 level and the continuation of the fall with a potential target at the level of 5900, an additional signal in favor of the Bitcoin drop will be a trend line test on the relative strength index (RSI).
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