BTC/USD are trading at 8728 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 $161 676 838 775. 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 4, 2020, we should expect an attempt to drop the value of the digital asset and test the support level near the 8415 area. Where again we should expect a rebound and an attempt to continue the growth of the Bitcoin rate with the target above the area of 10025.
Bitcoin Forecast and Analysis BTC/USD March 4, 2020
An additional signal in favor of the growth of 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 lower boundary of the ascending channel. Cancellation of the Bitcoin exchange rate growth option will be a fall and a breakdown of the area of 8005. This will indicate a breakdown of the lower boundary of the channel and a continued fall of the Bitcoin rate with a potential target at 7245. With the breakdown of the upper boundary of the downstream channel and closing of cryptocurrency quotes above the level of 9305, we should expect confirmation of the growth of the digital rate asset.
Bitcoin Forecast and Analysis BTC/USD March 4, 2020 suggests an attempt to test the support level near the area of 8415. And then, the cryptocurrency will continue to grow with a potential target at 10025. An additional signal in favor of the growth of the Bitcoin exchange rate will be the support line test on the relative strength index (RSI). Cancellation of the option to raise the cryptocurrency will be a fall and a breakdown of the area of 8005. This will indicate a continued decline with a potential target below the area of 7245.
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