BTC/USD are trading at 6716 and continue to move as part of the correction. Bitcoin cryptocurrency capitalization at the time of the publication of the forecast is $123 486 732 186. Moving averages indicate the presence of a short-term bearish trend for Bitcoin. Prices pushed from the area between the lines, indicating pressure from the sellers of Digital Gold and a potential continuation of the fall in the near future. As part of the cryptocurrency rate forecast for tomorrow, April 16, 2020, one should expect an attempt to correct the value of the digital asset and test the resistance level near the area of 7005. Where again we should expect a rebound and an attempt to continue the fall of the Bitcoin rate with a target below the area of 4205.
Bitcoin Forecast and Analysis BTC/USD April 16, 2020
An additional signal in favor of falling BTC/USD quotes will be a test of a downward trend line on the relative strength index (RSI). The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the Bitcoin depreciation option will be a strong growth and a breakdown of the 7975 area. This will indicate a breakdown of the upper border of the channel and a continued rise in the Bitcoin rate with a potential target at 8525. With the breakdown of the support area and closing of cryptocurrency quotes below the level of 6155, we should expect confirmation of a digital asset depreciation.
Bitcoin Forecast and Analysis BTC/USD April 16, 2020 suggests an attempt to test the resistance level near the area of 7005. And then, the cryptocurrency will continue to fall with a potential target at 4205. An additional signal in favor of the Bitcoin exchange rate will be the resistance line test on the relative strength index (RSI). Cancellation of the option of falling cryptocurrency will be a strong growth and a breakdown of the area of 7975. This will indicate a continuation of the rise with a potential target above the area of 8525.
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