Bitcoin Forecast and Analysis BTC/USD December 4, 2019

BTC/USD are trading at 7256 and continue to move as part of the decline and the bearish channel. Bitcoin cryptocurrency capitalization at the time of the publication of the forecast is $132 263 252 859. Moving averages indicate the presence of a short-term bearish trend for Bitcoin. Prices are pushing away from signal lines, which indicates pressure from sellers of the leading digital asset. As part of the cryptocurrency rate forecast for December 4, 2019, we should expect an attempt to drop the value of the digital asset and test the support level near the area of ​​6705. 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 ​​9425.

Bitcoin Forecast and Analysis BTC/USD December 4, 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 the completion of the formation of the «Double Bottom» reversal pattern. Cancellation of the Bitcoin exchange rate growth option will be a fall and a breakdown of the 6105 area. This will indicate a breakdown of the lower border of the channel and a continued fall of the Bitcoin exchange rate with a potential target at 5445. With the breakdown of the resistance area and closing of cryptocurrency quotes above 7925, we should expect confirmation of a growth in the digital asset rate.

Bitcoin Forecast and Analysis BTC/USD December 4, 2019 suggests an attempt to test the support level near the area of ​​6705. And then, the cryptocurrency will continue to grow with a potential target at 9425. 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 6105 area. This will indicate a continued fall with a potential target below the 5445 area.

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