Bitcoin BTC/USD is trading at 3707 and continues to move as part of the correction and the beginning of the development of the «Triangle» model. BTC/USD quotes move below the lower boundary of the Ichimoku Kinko Hyo Cloud. This indicates a downward trend. As part of the Bitcoin exchange rate forecast for March 5, 2019. A test of the Ichimoku Kinko Hyo signal lines is expected near the level of 3825. Where can we expect a rebound and an attempt to continue the fall of Bitcoin cryptocurrency with a potential target of 3500.
Bitcoin Forecast and Analysis BTC/USD March 6, 2019
In favor of the fall of the BTC/USD cryptocurrency quotes, a test of the resistance area will come out. As well as a rebound from the lower border of the model «Triangle». Earlier, a strong signal was received for SELL Bitcoin cryptocurrency sales. The signal was formed due to the intersection of the signal lines at the level of 3780. The nearest resistance area is located at 3805. The Bitcoin support area is located at the level of 3685.
Canceling the option of falling Bitcoin quotes will be the breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes above area 3955. This option will indicate a change in the downward trend in favor of the upward trend and the continued growth of the Bitcoin rate. Expect to accelerate the fall of BTC/USD quotes with the breakdown of the support area and closing below the 3720 area.
Bitcoin Forecast and Analysis BTC/USD March 6, 2019 suggests an attempt to increase cryptocurrency and test the resistance level near 3825. Where can we expect further decline of Bitcoin with a potential target near 3500. Cancellation of the reduction option will be a strong growth and breakdown of the 3955 area This will indicate a continuation of the climb with a potential target above 4250.