Bitcoin BTC/USD ends the trading week at 3633 and continues to move as part of the correction and the formation of the «Triangle» model. Moving averages indicate a bearish trend. At the moment, we should expect an attempt to grow and test the resistance area near the level of 4050. Where again we should expect a rebound and an attempt to continue the fall of the Bitcoin rate with a potential target below the level of 2200.
Bitcoin Forecast and Analysis BTC/USD January 14 — 18, 2019
In favor of lowering the BTC/USD quotes in the current trading week of January 14 — 18, 2019, a test of the broken trend line on the relative strength index (RSI) will come out. Cancellation of the Bitcoin drop option will be a strong growth and a breakdown of the 4250 area. This will indicate a breakdown of the upper boundary of the «Triangle» model and continued growth of BTC/USD with a potential target above the level of 5500. A confirmation of the downward trend development will be a breakdown of the lower boundary of the model and closing of quotes below the level of 3250.
Bitcoin Forecast and Analysis BTC/USD January 14 — 18, 2019 implies an attempt at a resistance area near the level of 4050. Then, the continuation of the cryptocurrency decline to the area below the 2200 level. An additional signal in favor of the Bitcoin exchange rate is the resistance line test on the relative strength index (RSI). Canceling the option of falling cryptocurrency quotes Bitcoin will make a strong growth and the breakdown of the area of 4250. In this case, we should expect a continuation of the rise.