Bitcoin BTC/USD are trading at 11893 and continue to move as part of the growth and formation of the «Head and Shoulders» reversal pattern. Cryptocurrency capitalization at the time of the publication of the forecast is $211 867 011 163. Moving averages indicate the presence of an upward trend in Bitcoin. As part of the cryptocurrency exchange rate forecast for July 9, 2019, we should expect an attempt to decline and a test of the support level near the area of 11520. Where again we should expect a rebound and an attempt to continue the growth of the Bitcoin rate with a goal above the area of 14050.
Bitcoin Forecast and Analysis BTC/USD July 9, 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 the completion of the formation of a reversal pattern. Cancellation option growth rate Bitcoin will fall and the breakdown of the area of 10500. This will indicate a breakdown of the lower bound of the model and the continuation of the Bitcoin rate drop with a potential target at 9250. With the breakdown of the resistance area and the closure of cryptocurrency quotes above the level of 12350, we should expect confirmation of the growth of the digital asset rate.
Bitcoin Forecast and Analysis BTC/USD July 9, 2019 suggests an attempt to test the support level near 11520. And then the cryptocurrency will continue to grow with a potential target at 14050. An additional signal in favor of Bitcoin depreciation will be a test of the downward trend line on the relative strength indicator. Cancellation of the option of falling cryptocurrency will be a strong growth and the breakdown of the area of 10500. This will indicate a continuation of the rise with a potential target above 9250.