BTC/USD are trading at 9342 and continue to move as part of the correction. Bitcoin cryptocurrency capitalization at the time of the publication of the forecast is $169 036 591 029. Moving averages indicate the presence of a short-term upward trend in Bitcoin, prices are above the level of signal lines, which indicates pressure from the bulls. As part of the cryptocurrency rate forecast for tomorrow, November 7, 2019, one should expect an attempt to drop a digital asset and test the support level near the area of 8905. Where again we should expect a rebound and an attempt to continue the growth of the Bitcoin rate with a target above the area of 11825.
Bitcoin Forecast and Analysis BTC/USD November 7, 2019
In favor of the growth of BTC/USD quotes, a test of the upward trend line on the relative strength index (RSI) will come out. The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the Bitcoin exchange rate growth option will be a fall and a breakdown of the 7805 area. This will indicate a breakdown of the support area and a continued decline in the Bitcoin exchange rate with a potential target at 7145. With the breakdown of the resistance area and the cryptocurrency quotes closing above 10305, we should expect confirmation of a rise in the digital asset rate.
Bitcoin Forecast and Analysis BTC/USD November 7, 2019 suggests an attempt to test the support level near the area of 8905. And then, the cryptocurrency will continue to grow with a potential target at 11825. 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 cryptocurrency growth option will be a fall and a breakdown of the 7805 area. This will indicate a continued decline with a potential target below the 7145 area.
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