BTC/USD are trading at 7970 and continue to move as part of the decline and the downward channel. Bitcoin cryptocurrency capitalization at the time of the publication of the forecast is $144 100 703 017. Moving averages indicate the presence of a short-term downward trend for Bitcoin. As part of the cryptocurrency forecast for tomorrow, October 17, 2019, we should expect an attempt to increase the asset quotes and test the resistance level near the area of 8205. Where again we should expect a rebound and an attempt to continue the fall of the Bitcoin rate with a target below the area of 7135.
Bitcoin Forecast and Analysis BTC/USD October 17, 2019
In favor of falling BTC/USD quotes, a test of the resistance 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 depreciation option will be a strong growth and a breakdown of the 8505 area. This will indicate a breakdown of the resistance area and continued growth of the Bitcoin exchange rate with a potential target at 9165. With the breakdown of the support area and closing of cryptocurrency quotes below 7645, we should expect confirmation of a digital asset depreciation.
Bitcoin Forecast and Analysis BTC/USD October 17, 2019 suggests an attempt to test the resistance level near the area of 8205. And then, the cryptocurrency will continue to fall with a potential target at 7135. An additional signal in favor of the Bitcoin depreciation will be the resistance line test on the relative strength index (RSI). Cancellation of the option of falling cryptocurrency will be a strong growth and the breakdown of the area of 8505. This will indicate a continuation of the rise with a potential target above the area of 9165.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
