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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.InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.