Bitcoin forecast for August 2, 2018, BTC/USD exchange rate analysis

At the time Of writing bitcoin forecast for 02.08.2018, BTC/USD quotes are at the level of 7570.

As we expected in previous forecasts, after breaking the trend line from the bottom up, the Bitcoin rate must return to test this level now from the top. Also, in combination, 7470 is an important level of support, if you stretch the Fibonacci levels.

BTC/USD quotes are below the Ichimoku Kinko Hyo cloud, which indicates a downward trend in Bitcoin. The signal lines of the Ichimoku indicator also lined up down. The red fast signal line crossed the blue slow line from top to bottom the day before yesterday, at 8070.

The support level for the Bitcoin exchange rate is 7470. The nearest resistance level is 7860. This is the lower boundary of the Ichimoku cloud. This is followed by 8190. This is the upper boundary of the Ichimoku cloud.

Bitcoin forecast for August 2, 2018, BTC/USD exchange rate analysis

We also pay attention to the color of the Ichimoku cloud. He changed from pale green to pale pink. Based on the description of the Ichimoku indicator, it is also a signal of a possible trend change. Before that, the trend was upward.

We expect the attempt of the growth rate of Bitcoin, with the aim of testing the level of 8190. Next, we predict a reversal of the Bitcoin rate down and a fall in the area below 7200.

Thus, the forecast of the Bitcoin exchange rate on August 2, implies a drop in prices of cryptocurrencies in the area of 7200. However, before that, with a high degree of probability, there will be an increase in the cryptocurrency rate to the mark of 8190.