Bitcoin are trading at 9983 and continue to move as part of the decline and the formation of the inverted «Head and Shoulders» model. Cryptocurrency capitalization at the time of the publication of the forecast is $179 766 344 084. Moving averages indicate the presence of an upward trend in Bitcoin. As part of the cryptocurrency rate forecast for tomorrow, August 16, 2019, we should expect an attempt to decrease and test the support level near the 9500 area. Where again we should expect a rebound and an attempt to continue the growth of the Bitcoin rate with a target above the 12850 area.
Bitcoin Forecast and Analysis BTCUSD August 16, 2019
In favor of the growth of BTC/USD quotes, a test of the support area on the relative strength index (RSI) will come out. The second signal will be the completion of the formation of the reversal model. Cancellation of the Bitcoin exchange rate growth option will be a fall and a breakdown of the 8750 area. This will indicate a breakdown of the support level and a continued decline in the Bitcoin exchange rate with a potential target at 7950. With the breakdown of the resistance area and closing of cryptocurrency quotes above 11950, we should expect confirmation of a growth in the digital asset rate.
Bitcoin Forecast and Analysis BTCUSD August 16, 2019 suggests an attempt to test the support level near the area of 9500. And then the cryptocurrency will continue to grow with a potential target of 12850. An additional signal in favor of the growth of the Bitcoin exchange rate will be the support area test on the relative strength index (RSI). Cancellation of the cryptocurrency growth option will be a fall and a breakdown of the 8750 area. This will indicate a continued decline with a potential target below 7950.
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