BTC/USD are trading at 9227 and continue to move as part of the correction and the beginning of the development of the «Triangle» model. Bitcoin cryptocurrency capitalization at the time of the publication of the forecast is $169 541 776 576. Moving averages indicate the presence of a short-term sideways trend for Bitcoin. Prices have pierced the area between the uplines, which indicates pressure from the buyers of Digital Gold and the potential continuation of the rise in the value of the asset. As part of the cryptocurrency rate forecast for tomorrow, July 16, 2020, one should expect an attempt to continue the development of a bullish correction of the value of a digital asset and test the resistance level near the area of 9295. Where again we should expect a rebound and an attempt to continue the fall of the Bitcoin rate with a target below the area of 8825.
Bitcoin Forecast and Analysis BTC/USD July 16, 2020
An additional signal in favor of falling BTC/USD quotes will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the resistance level. Cancellation of the option to drop the Bitcoin exchange rate and value will be a strong growth in the asset value and the breakdown of the 9405 area. This will indicate a breakdown of the resistance area and continued growth of the Bitcoin exchange rate with a potential target at 10155. With the breakdown of the support area and closing of the cryptocurrency quotes, the fall of 8955 should be expected to confirm a fall the course of the digital asset and the start of development of the «Triangle» model.
Bitcoin Forecast and Analysis BTC/USD July 16, 2020 implies an attempt to test the resistance level near the area of 9295. And then, the cryptocurrency will continue to fall with a potential target at 8825. An additional signal in favor of the Bitcoin exchange rate will be the resistance line test on the relative strength index (RSI). Cancellation of the option of falling cryptocurrency will be a strong growth and a breakdown of the area of 9405. This will indicate a continuation of the rise with a potential target above the area of 10155.
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