BTC/USD are trading at 6226 and continue to move as part of the correction and the downward channel. Bitcoin cryptocurrency capitalization at the time of the publication of the forecast is $115 710 822 858. Moving averages indicate the presence of a short-term bearish trend for Bitcoin. Prices are testing the area between the lines, indicating pressure from Digital Gold sellers and a potential drop in the near future. As part of the cryptocurrency forecast for March 31, 2020, we should expect an attempt to correct the value of the digital asset and test the resistance level near 6955. 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 3785.
Bitcoin Forecast and Analysis BTC/USD March 31, 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 7655 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 8505. With the breakdown of the support area and closing of cryptocurrency quotes below 5605, we should expect confirmation of a digital asset depreciation .
Bitcoin Forecast and Analysis BTC/USD March 31, 2020 suggests an attempt to test the resistance level near the area of 6955. And then, the cryptocurrency will continue to fall with a potential target at 3785. 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 7655. This will indicate a continuation of the rise with a potential target above the area of 8505.
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