BTC/USD are trading at 9329 and continue to move as part of the growth and bullish channel. Bitcoin cryptocurrency capitalization at the time of the publication of the forecast is $170 095 028 535. Moving averages indicate the presence of a short-term bullish trend for Bitcoin. As part of the cryptocurrency rate forecast for tomorrow, January 31, 2020, we should expect an attempt to drop the value of the digital asset and test the support level near the area of 8825. 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 10235.
Bitcoin Forecast and Analysis BTC/USD January 31, 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 8340 area. This will indicate a breakdown of the lower border of the channel and a continuation of the fall of the Bitcoin exchange rate with a potential target at the level of 7505. With the breakdown of the resistance area and closing of cryptocurrency quotes above the level of 9715, we should expect confirmation of the growth of the digital asset rate.
Bitcoin Forecast and Analysis BTC/USD January 31, 2020 suggests an attempt to test the support level near the area of 8825. And then, the cryptocurrency will continue to grow with a potential target at 10235. 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 8340 area. This will indicate a continued decline with a potential target below the 7505 area.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
