BTC/USD are trading at 8701 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 $159 286 845 129. 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 tomorrow, March 5, 2020, we should expect an attempt to drop the value of the digital asset and test the support level near the area of 8465. 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 10115.
Bitcoin Forecast and Analysis BTC/USD March 5, 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 8045. This will indicate a breakdown of the lower border of the channel and a continuation of the fall of the Bitcoin rate with a potential target at 7265. With the breakdown of the upper border of the downward channel and closing of cryptocurrency quotes above the level of 9355, we should expect confirmation of the growth of the digital rate asset.
Bitcoin Forecast and Analysis BTC/USD March 5, 2020 implies an attempt to test the support level near the area of 8465. And then, the cryptocurrency will continue to grow with a potential target at 10115. An additional signal in favor of the Bitcoin exchange rate will be the support line test on the relative strength index (RSI). Cancellation of the option of raising the cryptocurrency will be a fall and a breakdown of the area of 8045. This will indicate a continued decline with a potential target below the area of 7265.
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