BTC/USD are trading at 7081 and continue to move as part of the correction and the formation of the «Head and Shoulders» reversal pattern. Bitcoin cryptocurrency capitalization at the time of the publication of the forecast is $129 726 778 109. Moving averages indicate the presence of a short-term bearish trend for Bitcoin. Prices again push off from the area between the signal lines, indicating a potential drop from current levels and pressure from sellers. As part of the cryptocurrency rate forecast for tomorrow, January 3, 2020, we should expect an attempt to drop the value of the digital asset and test the support level near the area of 6805. 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 January 3, 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 the completion of the formation of a reversal model. Cancellation of the option to raise the Bitcoin exchange rate will be a fall and a breakdown of the 6025 area. This will indicate a breakdown of the lower boundary of the model and a continued decline in the Bitcoin exchange rate with a potential target of 5405. With the breakdown of the resistance area and closing of cryptocurrency quotes above 7995, we should expect confirmation of a growth in the digital asset rate.
Bitcoin Forecast and Analysis BTC/USD January 3, 2020 implies an attempt to test the support level near the area of 6805. And then, the cryptocurrency will continue to grow with a potential target at 9585. 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 6025 area. This will indicate a continued decline with a potential target below the 5405 area.
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