Bitcoin forecast & analysis BTC/USD on February 22, 2018

22 February 2018, 07:22
Jatin Patel

Bitcoin BTC/USD is trading at 10,352. The cryptocurrency is traded above the upper boundary of the Ichimoku Kinko Hyo Cloud, indicating a bullish trend for Bitcoin. Ichimoku Kinko Hyo Cloud is expected to test near the 10200 level, from which we should expect a rebound and an attempt to continue growth with the target at 11500. Earlier, a strong signal was received for buy of Bitcoin cryptocurrency, by crossing the signal lines at 8325 level.

Bitcoin forecast & analysis BTC/USD on February 22, 2018

The cancellation of the variant of Bitcoin quotations growth will be the breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes below the area of ​​9200, which will indicate the change of the bullish trend in favor of the bearish trend. Expect the acceleration of the growth of quotations BTC/USD stands with the breakdown of the resistance area and the closing above the level of 11750.

However, we should not exclude the attempt to form the reversal model «Head and Shoulders». In this case, after the test level 11500, we should expect the beginning of the fall of quotations in the area below the level of 8200. The breakdown of the model will be a breakdown of the level of 11650.

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