Bitcoin BTC/USD are traded at the level of 6534 and continue to move within a bearish trend. At this point, we should expect an attempt to test the upper border of the channel near the level of 6700. Where again we should expect a rebound and an attempt to continue the Bitcoin drop with a target below the level of 5400.
Bitcoin (BTC/USD) technical analysis April 7, 2018
In favor of falling quotes BTC/USD is the formation of the reversal model «Head and Shoulders» 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 7700, which will indicate a breakdown of the resistance and a continuation of the growth above the level of 8500. A breakdown of the support area and the closure below the level of 6400 will prove the development of the downward trend.
In favor of the fall of BTC/USD will also test the lower boundary of the model «Triangle» at small time intervals.
Bitcoin (BTC/USD) technical analysis April 7, 2018 involves an attempt to test the upper border of the channel near the level of 6700 and continue falling with a potential target at 5400, an additional signal in favor of the Bitcoin drop is the breakdown of the trend line on the indicator of relative strength index (RSI) at small time intervals, the cancellation of the variant of quotations decrease will be a strong growth and breakdown of the area of 7700.
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