Bitcoin forecast for August 8, 2018, BTC/USD exchange rate analysis

On the morning of 08.08.2018 Bitcoin is trading at 6520.

This even surpassed the expectations that we put forward at the time when the Bitcoin exchange rate was growing and was at the level of 8300 at the end of last month. In just 2 weeks, the Bitcoin exchange rate fell by more than 20%.

Bitcoin forecast for August 8, 2018, BTC/USD exchange rate analysis

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 look down. The red fast line is below the slow blue. The red fast signal line crossed the blue slow line from top to bottom at the end of last month, giving a signal for sales.

The support level for the Bitcoin exchange rate is 6370. This is the Fibonacci level and the current minimum rate of decline Bitcoin. Next is level 6100. This is one of the intermediate levels of July. However, there is one more, not such distinct level. This is the 6900-blue signal line of the Ichimoku indicator.

The resistance level is the lower boundary of the Ichimoku cloud-7100. Also at this level is the previously broken trend line. Last time there was no testing it from below.

We expect a rollback after such a powerful night fall in the Bitcoin exchange rate. The target is the resistance level 7100. The breakout of the 6370 support level will serve as the cancellation of the forecast.

Thus, the Bitcoin exchange rate forecast for August 8 suggests a short-term rollback to the support level of 7100.