Bitcoin BTC/USD are traded at 9526 and continue to move as part of a decline and a downward channel. Cryptocurrency capitalization at the time of the publication of the forecast is $170 865 335 509. Moving averages indicate a bearish trend in Bitcoin. As part of the cryptocurrency exchange rate forecast for tomorrow, July 31, 2019, we should expect an attempt to fall and a test of the support level near the 8600 area. 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 11450.
Bitcoin Forecast and Analysis BTC/USD July 31, 2019
A test of the support line on the relative strength indicator will be in favor of the BTC/USD price increase. The second signal will be a rebound from the lower boundary of the ascending model «Wolfe Wave». Cancellation of the Bitcoin exchange rate growth option will be a fall and a breakdown of the 7350 area. This will indicate a breakdown of the lower border of the model and a continued decline of the Bitcoin rate with a potential target at 6450. With the breakdown of the resistance area and the closure of cryptocurrency quotes above the 10175, you should expect confirmation of the growth of the digital asset.
Bitcoin Forecast and Analysis BTC/USD July 31, 2019 suggests an attempt to test the support level near the 8600 area. And further, cryptocurrency will continue to grow with a potential goal of 11450. An additional signal in favor of the Bitcoin exchange rate is the trend uptrend on the relative strength indicator. Cancellation of the cryptocurrency growth option will be a fall and a breakdown of the 7350 area. This will indicate a continued decline with a potential target below 6450.
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