BTC/USD are trading at 11328 and continue to move as part of the growth and the beginning of the development of the “Triangle” model. The capitalization of Bitcoin cryptocurrency at the time of the publication of the forecast is $210,753,647,206. Moving averages indicate a short-term bullish trend for Bitcoin. Prices went up from the area between the lines, which indicates pressure from buyers of Digital Gold and a potential continuation of the asset’s value growth from the current levels. As part of the cryptocurrency rate forecast for tomorrow, October 16, 2020, we should expect an attempt to develop a downward correction in the value of a digital asset and a test of the support level near the 11055 area. Where can we expect a rebound and an attempt to continue the growth of the Bitcoin rate with a target above the 12375 area.
Bitcoin Forecast and Analysis BTC/USD October 16, 2020
An additional signal in favor of the growth of BTC/USD quotes will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound of the upper border of the descending channel. Cancellation of the option to raise the rate and value of Bitcoin will be a fall in the value of the asset and a breakdown of the area of 10505. This will indicate a breakdown of the support area and a continuation of the fall in the Bitcoin rate with a potential target at 9905. With a breakdown of the resistance area and closing of cryptocurrency quotes above the level of 12005.
Bitcoin Forecast and Analysis BTC/USD October 16, 2020 suggests an attempt to test the support level near the 11055 area. And further, the cryptocurrency will continue to grow with a potential target at 12375. An additional signal in favor of the Bitcoin rate rise will be a test of the support line on the relative strength index (RSI). Cancellation of the cryptocurrency growth option will be a fall and a breakdown of the 10505 area. This will indicate a continued decline with a potential target below the 9905 area.
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