19.11.201917:52 Forex Analysis & Reviews: BTC 11.19.2019 - BTC is trading below the Ichimoku cloud, more downside yet to come

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Bitcoin has been trading downwards as I expected. The price tested the level of $7.960. All short-term trends are down and the price is trading below the Ichimoku cloud. Watch for selling opportunities on the rallies. Main downward target is set at $7.500.

Ichimoku analysis: Multi frame Ichimoku situation:

H1 - Below the Cloud

H4 - Below the cloud

Daily – Below the cloud

Currently, BTC is trading below Tenkan-sen at the price of 8.220 and Kijun-sen at the price of $8.383. The breakout of the support at $8.540 did confirm further downside continuation. Resistance level is set at the price of $8.220 (Tenkan-sen).

Ichimoku cloud is moving downward and expanding, which is good indication of the stable downward trend.

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