Bitcoin Forecast and Analysis BTC/USD July 17, 2020



BTC/USD are trading at 9227 and continue to move as part of the fall and the beginning of the development of the «Triangle» model. Bitcoin cryptocurrency capitalization at the time of the publication of the forecast is $167 849 574 588. Moving averages indicate a short-term bearish trend for Bitcoin. Prices broke through the area between the lines downward, which indicates pressure from the sellers of Digital Gold and a potential continuation of the fall in the value of the asset. As part of the cryptocurrency rate forecast for tomorrow, July 17, 2020, we should expect an attempt to develop a bullish correction in the value of a digital asset and a test of the resistance level near the 9205 area. Where again should we expect a rebound and an attempt to continue the fall in the Bitcoin rate with a target below the 8755 area.

Bitcoin Forecast and Analysis BTC/USD July 17, 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 lower boundary of the «Triangle» model. Cancellation of the option to fall in the rate and value of Bitcoin will be a strong increase in the value of the asset and a 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 10055. With the breakdown of the support area and closing of the cryptocurrency quotes of the fall at 8905, we should expect confirmation of a fall digital asset rate.

Bitcoin Forecast and Analysis BTC/USD July 17, 2020

Bitcoin Forecast and Analysis BTC/USD July 17, 2020 suggests an attempt to test the resistance level near the 9205 area. And further, the cryptocurrency will continue to fall with a potential target at 8755. An additional signal in favor of the Bitcoin rate decline will be a test of the resistance line on the relative strength index (RSI). Cancellation of the cryptocurrency fall option will be a strong growth and a breakdown of the 9405 area. This will indicate a continued rise with a potential target above the 10055 area.


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