BTC/USD are trading at the level of 11643 and continue to move within the growth and ascending channel. The capitalization of the cryptocurrency Bitcoin at the time of the publication of the forecast is $215,867,368,809. 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 growth of the asset value 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 11265 area. Where again should we expect a rebound and an attempt to continue the growth of the Bitcoin rate with a target above the 12865 area.
Bitcoin Forecast and Analysis BTC/USD October 20, 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, which the bulls have confidently broken up. 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 10725. This will indicate a breakdown of the support area and a continuation of the fall in the Bitcoin rate with a potential target at 10205. With the breakdown of the resistance area and closing of cryptocurrency quotes above the level of 12055.
Bitcoin Forecast and Analysis BTC/USD October 20, 2020 suggests an attempt to test the support level near the area of 11265. And further, the cryptocurrency will continue to grow with a potential target at 12865. 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 10725 area. This will indicate a continued decline with a potential target below the 10205 area.
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