Bitcoin forecast for August 7, 2018, BTC/USD exchange rate analysis

Bitcoin forecast for 07.08.2018 are written at the rate of BTC / USD 6970.

Compared with the previous forecast, no significant changes have occurred. Let me remind you, we expect a drop in the Bitcoin exchange rate in the region of 6600-6700. However, before this necessary short-term growth rate of Bitcoin to around 7200-7250.

On this, according to our forecast of the Bitcoin exchange rate for April – the fall of the cryptocurrency should end. Next, the trend will be replaced finally by an upward one.

At the moment, the Ichimoku Kinko Hyo indicator shows the fall of the cryptocurrency exchange rate. Quotes are below the Ichimoku cloud. This is a sign of a downward trend.

Bitcoin forecast for August 7, 2018, BTC/USD exchange rate analysis

The signal lines of the Ichimoku indicator are also directed downwards. The red fast signal line is below the blue slow line. Also, a little earlier, the red fast signal line crossed the blue slow line from top to bottom. It is also a signal of the continuation of the downward trend.

The level of support for the Bitcoin exchange rate will be 6640.
The resistance level is at 7200.

Thus, the BTC/USD forecast the Bitcoin exchange rate on August 7, assumes a continued decline in the exchange rate of Bitcoin. However, before this, a short-term rollback to the region of 7200 is possible.