Cryptocurrency Bitcoin completes the trading week near the area of 3615. BTC/USD quotes are trading below the lower boundary of the Ichimoku Kinko Hyo Cloud.
This indicates a bearish trend on Bitcoin. The forecast of the cryptocurrency exchange rate for the week of January 14 — 18, 2019. The correction and test of the Ichimoku Kinko Hyo signal line is expected to go up near 4000. Where should we expect an attempt to rebound and continue the development of the fall of the Bitcoin rate with a target below 2400.
Bitcoin Weekly Analysis and Forecast January 14 — 18, 2019
An additional signal in favor of a fall in the current trading week will be a test of the resistance level. As well as a rebound from the upper limit of the model «Triangle». Earlier, a medium strength signal was received for BUY the Bitcoin cryptocurrency. The signal was formed due to the intersection of the signal lines at the level of 3700. The nearest resistance area is located at the level of 4100. The area of support for Bitcoin is located at the level of 3400.
Canceling the option to reduce Bitcoin quotes will break the upper boundary of the indicator cloud and close above 5050. This will indicate a change in the downward trend in favor of an upward trend and continued growth. Expect to accelerate the decline in quotes BTC/USD stands with the breakdown of the lower boundary of the model «Triangle» and closing below the level of 3400.
Bitcoin Weekly Analysis and Forecast January 14 — 18, 2019 suggests an attempt to develop a correction to the level of 4000. Where should we expect a rebound and the continuation of the fall of cryptocurrency with a potential target near the level of 2400. Test the resistance level will be in favor of the decline. Cancellation of the fall option will be a strong growth and a breakdown of the 5050 area. In this case, we should expect Bitcoin to continue to grow with a potential target of 6000.