FX.co ★ BTC 11.18.2019 - BTC is trading below the Ichimoku cloud, more downside yet to come

Bitcoin has been downwards as we expected last week. The price tested the level of $8.330 All short-term trends are down and the price is trading below the Ichimoku clous. Watch for selling opportunities on the rallies. Main downward target is set at $7.504.

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 8.543. The breakout of the support at $8.540 did confirm further downside continuation. Resistance level is set at the price of $8.531 (Tenkan-sen).BTC did the breakout of the Ichimoku cloud to the downside and I see more downside in the next period. Main down target is set at the price of $7.500.