BTC/USD are trading at 7331 and continue to move as part of the growth and formation of the «Double Bottom» reversal pattern. Bitcoin cryptocurrency capitalization at the time of the publication of the forecast is $33 199 890 762. Moving averages indicate the presence of a short-term bearish trend for Bitcoin. Prices are testing the area between the signal lines, indicating a potential bounce down from current levels. As part of the cryptocurrency rate forecast for tomorrow, December 25, 2019, we should expect an attempt to drop the value of the digital asset and test the support level near the area of 7045. 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 9525.
Bitcoin Forecast and Analysis BTC/USD December 25, 2019
An additional signal in favor of the growth of BTC/USD quotes will be a test of the broken trend line on the relative strength index (RSI). Cancellation of the option to raise the Bitcoin exchange rate will be a fall and a breakdown of the area of 6245. This will indicate a breakdown of the lower boundary of the model and a continuation of the fall of the Bitcoin exchange rate with a potential target at the level of 4585. With the breakdown of the resistance area and closing of cryptocurrency quotes above the level of 7905, we should expect confirmation of the growth of the digital asset rate and start working out the «Double Bottom» reversal model.
Bitcoin Forecast and Analysis BTC/USD December 25, 2019 suggests an attempt to test the support level near the area of 7045. And then, the cryptocurrency will continue to grow with a potential target at the level of 9525. 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 6245 area. This will indicate a continued decline with a potential target below the 4585 area.
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