BTC/USD are trading at 8378 and continue to move as part of the growth and the start of development of the «Triangle» model. Bitcoin cryptocurrency capitalization at the time of the publication of the forecast is $153 568 846 338. Moving averages indicate the presence of a short-term downward trend in Bitcoin. As part of the cryptocurrency rate forecast for October 11, 2019, we should expect an attempt to reduce the asset quotes and test the support level near the area of 8245. 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 9305.
Bitcoin Forecast and Analysis BTC/USD October 11, 2019
In favor of the rise in BTC/USD quotes, a test of the support line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower boundary of the «Triangle» model. Cancellation of the Bitcoin exchange rate growth option will be a fall and a breakdown of the 7685 area. This will indicate a breakdown of the support area and a continued decline in the Bitcoin exchange rate with a potential target at 6455. With the breakdown of the resistance area and the cryptocurrency quotes closing above 8855, we should expect confirmation of a rise in the digital asset rate.
Bitcoin Forecast and Analysis BTC/USD October 11, 2019 suggests an attempt to test the support level near the area of 8245. And then, the cryptocurrency will continue to grow with a potential target at the level of 9305. An additional signal in favor of the Bitcoin appreciation 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 7685 area. This will indicate a continued decline with a potential target below the area.
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