Bitcoin BTC/USD ends the trading week at 11793 and continues to move as part of the growth and upward channel. Moving averages indicate a bullish trend. An important area of support is located near the level of 9000. It is worth noting that the cryptocurrency rate continues to grow at a time when the general mood of the cryptocurrency market looks bearish. At the moment, we should expect an attempt to correct and test the support area near the level of 10550. Where again we should expect a rebound and an attempt to continue the growth of the Bitcoin rate with a potential target above the level of 15550.
Bitcoin Forecast and Analysis August 12 — 16, 2019
In favor of the rise in BTC/USD quotes in the current trading week, August 12 — 16, 2019, a test of the ascending trend line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower boundary of the ascending channel. Cancellation of the Bitcoin growth option will be a fall and a breakdown of the 8500 area. This will indicate a breakdown of the lower boundary of the upward channel and a continuation of the fall of BTC/USD with a potential target below the level of 6550. A confirmation of the development of the upward trend will be a breakdown of the resistance area and closing of quotations above the level of 12950.
Bitcoin Forecast and Analysis August 12 — 16, 2019 implies an attempt to the support area near the level of 10550. Then, the cryptocurrency will continue to grow to the area above the level of 15550. An additional signal in favor of the Bitcoin exchange rate will be the support line test on the relative strength index (RSI). Cancellation of the growth option for Bitcoin cryptocurrency quotes will be a fall and a breakdown of the area of 8500. In this case, we should expect continued decline with a target at the level of 6550.