BTC/USD are trading at 7327 and continue to move as part of the correction and the formation of the «Triangle» model. Bitcoin cryptocurrency capitalization at the time of the publication of the forecast is $133 047 717 189. Moving averages indicate the presence of a short-term sideways trend for Bitcoin. Prices pierced the area between the signal lines, indicating pressure from sellers. As part of the cryptocurrency rate forecast for December 11, 2019, we should expect an attempt to drop the value of the digital asset and test the support level near the area of 7305. Where again we should expect a rebound and an attempt to continue the growth of the Bitcoin rate with a target above the area of 8515.
Bitcoin Forecast and Analysis BTC/USD December 11, 2019
An additional signal in favor of the growth of BTC/USD quotes will be a test of the upward trend line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the ascending channel. Cancellation of the Bitcoin exchange rate growth option will be a fall and a breakdown of the area of 6725. This will indicate a breakdown of the lower border of the channel and a continued fall of the Bitcoin rate with a potential target at 6055. With the breakdown of the resistance area and closing of cryptocurrency quotes above 7805, we should expect confirmation of a growth in the digital asset rate. This will indicate a breakdown of the upper boundary of the «Triangle» model.
Bitcoin Forecast and Analysis BTC/USD December 11, 2019 suggests an attempt to test the support level near the area of 7305. And then, the cryptocurrency will continue to grow with a potential target at 8515. An additional signal in favor of the Bitcoin appreciation will be the support line test on the relative strength index (RSI). Cancellation of the cryptocurrency growth option will be a fall and a breakdown of the area of 6725. This will indicate a continuation of the fall with a potential target below the area of 6055.
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