BTC/USD are trading at 8272 and continue to move as part of the correction and the formation of the «Head and Shoulders» reversal pattern. Bitcoin cryptocurrency capitalization at the time of the publication of the forecast is $148 934 281 022. Moving averages indicate the presence of a short-term downward trend for Bitcoin. As part of the cryptocurrency forecast for tomorrow, October 22, 2019, we should expect an attempt to increase the asset quotes and test the resistance level near the area of 8345. 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 6965.
Bitcoin Forecast and Analysis BTC/USD October 22, 2019
In favor of the fall in BTC/USD quotes, a test of the resistance area on the relative strength index (RSI) will come out. The second signal will be the completion of the head and shoulders reversal pattern. Cancellation of the Bitcoin depreciation option will be a strong growth and a breakdown of the area of 9065. This will indicate a breakdown of the resistance area and continued growth of the Bitcoin rate with a potential target at 9745. With the breakdown of the support area and closing of cryptocurrency quotes below 7545, we should expect confirmation of a decline in the rate of the digital asset.
Bitcoin Forecast and Analysis BTC/USD October 22, 2019 suggests an attempt to test the resistance level near the area of 8345. And then, the cryptocurrency will continue to fall with a potential target at 6965. An additional signal in favor of the Bitcoin exchange rate 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 9065. This will indicate a continuation of the rise with a potential target above the area of 9745.