Bitcoin BTC/USD ends the trading week at the level of 10072 and continues to move as part of the correction and the formation of the «Triangle» model. Moving averages indicate a bullish trend. An important support area is located near the level of 8650. At the moment, we should expect an attempt to correct and test the support area near the level of 9100. 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 14050.
Bitcoin Forecast and Analysis August 19 — 23, 2019
In favor of raising BTCUSD quotes in the current trading week on August 19 — 23, 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 «Triangle» model. Cancellation of the Bitcoin growth option will be a fall and a breakdown of the 8400 area. This will indicate a breakdown of the lower boundary of the rising channel and a continuation of the fall of BTC/USD with a potential target below the level of 6250. 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 12250.
Bitcoin Forecast and Analysis August 19 — 23, 2019 implies an attempt to the support area near the level of 9100. Then, the cryptocurrency will continue to grow to the area above the level of 14050. An additional signal in favor of the Bitcoin appreciation 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 8400 area. In this case, we should expect continued decline with a target at the level of 6250.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
