Bitcoin forecast and Analytics of BTC/USD on 20 October 2018

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Bitcoin forecast and Analytics of BTC/USD on 20 October 2018

The Bitcoin BTC/USD is trading at 6383 and continues movement in the correction. Cryptocurrency trading below the lower border of the Ichimoku Kinko Hyo Cloud, indicating a downward trend. In the framework of the forecast of exchange rate of Bitcoin on October 20, 2018, is expected to test the upper border of the Ichimoku Kinko Hyo Cloud near the 6400 level, where we can expect rebound and attempted the continuation of the fall of Bitcoin to a potential target at the level of 6100.

Bitcoin forecast and Analytics of BTC/USD on 20 October 2018

In favor of declines in cryptocurrencies BTC/USD will perform the test of resistance and rebounded from the upper border of the descending channel. Earlier it was obtained a weak signal for selling Bitcoin through the intersection of the signal lines at the level of 6390.

The cancellation option drop in prices of Bitcoin will be a break of the upper border of the Ichimoku Kinko Hyo Cloud with the closing of the quotations above 6550 that will point to a change in the downward trend in favor of the upward trend and the continued growth of Bitcoin. Expected to accelerate the drop in prices of BTC/USD is a breakout of the support area and closing below the level of 6300.

Thus, Bitcoin forecast and Analytics of BTC/USD on 20 October 2018 involves the attempt to correct cryptocurrency and test of resistance near the area of 6400, where we can expect a further decline in Bitcoin value with a potential target near the level of 6100, the cancellation option will fall the strong growth and the breakdown region 6550, which indicates continued growth.

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