Cryptocurrency Bitcoin is trading at 62918 and continues to move within the correction and bearish channel. BTC/USD quotes are located below the lower boundary of the Cloud of the Ichimoku Kinko Hyo indicator. This suggests a short-term bearish trend for the digital asset. As part of the Bitcoin exchange rate forecast for April 17, 2024, a correction in the value of the asset is expected to develop and a test of the signal line area of the Ichimoku indicator is expected near the level of 64365. Where can we expect a downward rebound and an attempt to continue the fall of the Bitcoin cryptocurrency with a potential target at the level of 57405.
Bitcoin Forecast and Analysis for April 18, 2024
An additional signal in favor of a decline in the BTC/USD cryptocurrency will be a test of the resistance area on the coin price chart. The second signal will be a rebound from the upper border of the bearish channel. Previously, a weak signal was received for selling the Bitcoin cryptocurrency. The signal was formed due to the intersection of signal lines at the level of 68105. The nearest resistance area for BTC/USD on the chart is located at the level of 66405. The support area for Bitcoin is located at the level of 60505.
The cancellation of this option for the fall in the value of the digital asset Bitcoin tomorrow will be a strong growth and a breakdown of the upper boundary of the Ichimoku indicator Cloud with the closing of quotes above the level of 68505. This option will indicate a change in the bearish trend in favor of a bullish trend and the continued growth of the Bitcoin rate against the US Dollar on April 17, 2024. Expect an acceleration in the fall of BTC/USD quotes with a breakdown of the support area and closing of the price below the level of 60305.
Bitcoin Forecast and Analysis for April 18, 2024 suggest an attempt to develop a cryptocurrency correction and a test of the resistance level near the area of 64365. Where it is worth considering the continuation of the fall in the Bitcoin exchange rate with a potential target near the level of 57405. The cancellation of the reduction option will be a strong increase in the value of the asset and a breakdown of the area of 68505. This will indicate continued growth with a potential target near the level of 74505.
