BTC/USD are trading at 7311 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 $133 594 896 576. 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 rebound down from current levels and pressure from sellers. As part of the cryptocurrency rate forecast for tomorrow, December 31, 2019, we should expect an attempt to drop the value of the digital asset and test the support level near the area of 6915. 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 9605.
Bitcoin Forecast and Analysis BTC/USD December 31, 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). The second signal will be a rebound from the lower boundary of the «Triangle» model. Cancellation of the option to raise the Bitcoin rate will be a fall and a breakdown of the area of 6275. 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 5255. With the breakdown of the resistance area and closing of cryptocurrency quotes above 7995, 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 31, 2019 suggests an attempt to test the support level near the area of 6915. And then, the cryptocurrency will continue to grow with a potential target at the level of 9605. 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 6275 area. This will indicate a continued decline with a potential target below the 5255 area.
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