BTC/USD are trading at 9311 and continue to move as part of the correction and the start of development of the «Triangle» model. Bitcoin cryptocurrency capitalization at the time of the publication of the forecast is $171 291 048 593. Moving averages indicate the presence of a short-term bearish trend in Bitcoin. Prices have pierced the area between the lines up, 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 7, 2020, one should expect an attempt to continue the development of the bullish correction of the value of the digital asset and test the resistance level near the area of 9405. Where again we should expect a rebound and an attempt to continue the fall of the Bitcoin rate with the target below the area of 8245.
Bitcoin Forecast and Analysis BTC/USD July 7, 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 upper boundary of the downward channel. Cancellation of the option to drop the Bitcoin exchange rate and value will be a strong increase in the value of the asset and the breakdown of the 10025 area. This will indicate a breakdown of the resistance area and continued growth of the Bitcoin rate with a potential target at 10565. With the breakdown of the support area and closing of the cryptocurrency quotes, a drop of 8705 should be expected to confirm a fall digital asset rate.
Bitcoin Forecast and Analysis BTC/USD July 7, 2020 implies an attempt to test the resistance level near the area of 9405. And then, the cryptocurrency will continue to fall with a potential target at 8245. 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 the breakdown of the area of 10025. This will indicate a continuation of the rise with a potential target above the area of 10565.
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