Bitcoin Forecast and Analysis BTC/USD February 7, 2020

BTC/USD are trading at 9639 and continue to move as part of the correction and the upward channel. Bitcoin cryptocurrency capitalization at the time of the publication of the forecast is $178 589 365 520. Moving averages indicate the presence of a short-term bullish trend for Bitcoin. Prices continue to push from the area between the lines, indicating bullish pressure. As part of the cryptocurrency rate forecast for February 6, 2020, we should expect an attempt to lower the value of the digital asset and test the support level near the area of ​​9325. Where again we should expect a rebound and an attempt to continue the growth of the Bitcoin rate with the target above the area of ​​10905.

Bitcoin Forecast and Analysis BTC/USD February 7, 2020

An additional signal in favor of the growth of BTC/USD quotes will be an uptrend test on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the ascending channel. Cancellation of the option to raise the Bitcoin exchange rate will be a fall and a breakdown of the 8965 area. This will indicate a breakdown of the lower boundary of the channel and a continued decline in the Bitcoin exchange rate with a potential target at the level of 8105. With the breakdown of the resistance area and closing of cryptocurrency quotes above the level of 9975, we should expect confirmation of the growth of the digital asset rate.

Bitcoin Forecast and Analysis BTC/USD February 7, 2020 implies an attempt to test the support level near the area of ​​9325. And then, the cryptocurrency will continue to grow with a potential target at 10905. 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 8965 area. This will indicate a continued decline with a potential target below the 8105 area.

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