Bitcoin has been trading downwards as I expected. The price tested the level of $7.960. All short-term trends are down and the price is trading below the Ichimoku cloud. Watch for selling opportunities on the rallies. Main downward target is set at $7.500.
Ichimoku analysis: Multi frame Ichimoku situation:
H1 - Below the Cloud
H4 - Below the cloud
Daily – Below the cloud
Currently, BTC is trading below Tenkan-sen at the price of 8.220 and Kijun-sen at the price of $8.383. The breakout of the support at $8.540 did confirm further downside continuation. Resistance level is set at the price of $8.220 (Tenkan-sen).
Ichimoku cloud is moving downward and expanding, which is good indication of the stable downward trend.