Bitcoin BTC/USD completes the trading week near the area of 6404. The cryptocurrency is trading below the lower boundary of the Ichimoku Kinko Hyo Cloud, indicating a bearish trend in Bitcoin. The test of the lower boundary of the Ichimoku Kinko Hyo Cloud near 6500 is expected, from where it is worth expecting an attempt to rebound and continue the development of the fall with a target below the level of 5350.
Bitcoin weekly forecast October 29 — November 2, 2018
An additional signal in favor of the fall will be a test of the resistance level, as well as a rebound from the upper border 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 6400.
Cancellation of the growth option of Bitcoin quotes will be a breakdown of the upper boundary of the indicator cloud and close above the level of 6800, which will indicate a change in the bearish trend in favor of an upward trend. Expect to accelerate the fall of quotations is with the breakdown of the area of support and closing below the level of 5900.
Bitcoin weekly forecast October 29 — November 2, 2018 suggests an attempt to develop a correction to the level of 6500, from which we should expect a rebound and a further fall in cryptocurrency with a potential target near the level of 5350.