Bitcoin Forecast and Analysis BTC/USD April 24, 2020

BTC/USD are trading at 7555 and continue to move as part of strong growth and the formation of the «Wedge» model. Bitcoin cryptocurrency capitalization at the time of the publication of the forecast is $131 889 844 025. Moving averages indicate the presence of a short-term bearish trend for Bitcoin. Prices have pierced the area between the lines up, which indicates pressure from the buyers of Digital Gold. As part of the cryptocurrency rate forecast for April 24, 2020, we should expect an attempt to correct the value of the digital asset and test the resistance level near the area of ​​7865. 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 ​​5055.

Bitcoin Forecast and Analysis BTC/USD April 24, 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 in the resistance level. Cancellation of the Bitcoin depreciation option will be a strong growth and a breakdown of the 8155 area. This will indicate a breakdown of the upper resistance area and a continued rise in the Bitcoin rate with a potential target at 9105. With the breakdown of the support area and the cryptocurrency quotes closing below 6505, we should expect confirmation of a digital asset depreciation.

Bitcoin Forecast and Analysis BTC/USD April 24, 2020 suggests an attempt to test the resistance level near the area of ​​7865. And then, the cryptocurrency will continue to fall with a potential target at the level of 5055. 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 the breakdown of the area of ​​8155. This will indicate a continuation of the rise with a potential target above the area of ​​9105.

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