Bitcoin BTC/USD ends the trading week at 10499 and continues to move as part of the correction and the upward channel. Moving averages indicate a bullish trend. An important support area is located near the level of 9000. At the moment, we should expect an attempt to correct and test the support area near the level of 9750. 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 14250.
Bitcoin Forecast and Analysis August 5 — 9, 2019
In favor of raising BTC/USD quotes in the current trading week, August 5 — 9, 2019, a test of the ascending trend line on the relative strength index (RSI) will be made. 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 8350 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 5550. 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 12350.
Bitcoin Forecast and Analysis August 5 — 9, 2019 implies an attempt to the support area near the level of 9750. Then, the cryptocurrency will continue to grow to the area above the level of 14250. An additional signal in favor of the Bitcoin appreciation will be the support line test on the relative strength index (RSI). The cancellation of the growth option for Bitcoin cryptocurrency quotes will be a fall and a breakdown of the 8350 area. In this case, we should expect continued decline with the target at 5550.