BTC/USD are trading at 7891 and continue to move as part of the fall and the downward channel. Bitcoin cryptocurrency capitalization at the time of the publication of the forecast is $143 944 546 668. Moving averages indicate the presence of a short-term bearish trend for Bitcoin. Prices have gone down from the area between the lines, indicating pressure from the sellers of Digital Gold. As part of the cryptocurrency rate forecast for March 11, 2020, we should expect an attempt to increase the value of a digital asset and test the resistance level near the area of 8375. 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 7025.
Bitcoin Forecast and Analysis BTC/USD March 11, 2020
An additional signal in favor of falling BTC/USD quotes will be a test of the broken 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 Bitcoin depreciation option will be a strong growth and a breakdown of the 8905 area. This will indicate a breakdown of the upper border of the channel and continued growth of the Bitcoin rate with a potential target at 9755. With the breakdown of the support area and the cryptocurrency quotes closing below 7465, we should expect confirmation of a digital asset depreciation.
Bitcoin Forecast and Analysis BTC/USD March 11, 2020 implies an attempt to test the resistance level near the area of 8375. And then, the cryptocurrency will continue to fall with a potential target at 7025. 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 8905. This will indicate a continuation of the rise with a potential target above the area of 9755.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link