Bitcoin BTC/USD is trading at 6404 and continues to move within the «Triangle» model. Cryptocurrency is trading below the lower boundary of the Ichimoku Kinko Hyo Cloud, which indicates a downward trend. As part of the Bitcoin forecast & analysis BTC/USD October 29, 2018, a test of the lower boundary of the Ichimoku Kinko Hyo Cloud is expected near the level of 6415, from which we can expect a rebound and an attempt to continue the fall of Bitcoin cryptocurrency with a potential goal of 6200.
Bitcoin forecast & analysis BTC/USD October 29, 2018
In favor of the fall of the BTC/USD cryptocurrency quotes, there will be a test of the resistance area, as well as a rebound from the upper limit of the «Triangle» model. Earlier, a medium strength signal was obtained for SELL the Bitcoin cryptocurrency, due to the crossing of signal lines at the level of 6405.
Canceling the option of falling Bitcoin quotes will break the upper boundary of the Ichimoku Kinko Hyo Cloud with quotes closing above 6500, indicating a change in the downward trend in favor of an upward trend and continued growth of the Bitcoin rate. Expect confirmation of a fall in BTC/USD quotes with a breakdown of the lower boundary of the «Triangle» model and closure below 6350.
Bitcoin forecast & analysis BTC/USD October 29, 2018 involves an attempt to correct cryptocurrency and test the resistance level near the 6415 area, from which we can expect Bitcoin to continue to fall with the potential target near the 6200 level, cancellation of the decline will be a strong growth and breakdown of the 6500 area that would indicate continued growth.