On the night 11.07.2018 cryptocurrency Bitcoin trading at 6370.
Over the past two days, the Bitcoin exchange rate has lost $ 500 out of its value. To date, the quotes of digital gold fell by 50% of the total July growth. And it seems that this is not the limit.
In the screenshot we can see that the cryptocurrency has stopped exactly near the lower border of the Forex figure ascending channel. This figure was plotted more than a week ago. Tomorrow’s mood of bitcoin bulls and bears depends on whether the cryptocurrency rate will break this level of support or not.
Bitcoin quotes are inside the Ichimoku Kinko Hyo cloud. This means the lateral trend for the cryptocurrency. The same theory is confirmed by the signal lines of the Ichimoku indicator. Both lines have become so close that they have intertwined into one.
The support level for the Bitcoin exchange rate is the lower limit of the Ichimoku cloud, at the level of 6300. If this level is broken, the next support level will be 6150.
The resistance level is the upper limit of the Ichimoku cloud, at the level of 6550. At the same level are the signal lines of the indicator.
We assume a short-term rebound from the channel border up to the resistance area. The cancellation of the forecast will be breaking the boundaries of the ascending channel, which will indicate a change in the upward trend to the downward one.
Thus, the forecast of the Bitcoin exchange rate for July 11 suggests a short-term upward movement with the target in the area of 6550.