BTC/USD are trading at 7176 and continue to move as part of the growth and formation of the «Head and Shoulders» reversal pattern. Bitcoin cryptocurrency capitalization at the time of the publication of the forecast is $131 195 633 972. 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 26, 2019, we should expect an attempt to drop the value of the digital asset and test the support level near the area of 6835. 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 9585.
Bitcoin Forecast and Analysis BTC/USD December 26, 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 6135. This will indicate a breakdown of the lower boundary of the model and a continuation of the fall of the Bitcoin rate with a potential target at 4455. With the breakdown of the resistance area and closing of cryptocurrency quotes above 7965, we should expect confirmation of a growth in the rate of the digital asset and start working out the «Head and Shoulders» reversal model.
Bitcoin Forecast and Analysis BTC/USD December 26, 2019 suggests an attempt to test the support level near the area of 6835. And then, the cryptocurrency will continue to grow with a potential target at the level of 9585. An additional signal in favor of the Bitcoin exchange rate 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 6135. This will indicate a continued decline with a potential target below the area of 4455.
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