BTC/USD are trading at 7497 and continue to move as part of the fall and the downward channel. Bitcoin cryptocurrency capitalization at the time of the publication of the forecast is $136 108 189 021. Moving averages indicate the presence of a short-term downward trend for Bitcoin. As part of the cryptocurrency rate forecast for tomorrow, October 24, 2019, we should expect an attempt to correct the asset and test the resistance level near the area of 7835. 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 5785.
Bitcoin Forecast and Analysis BTC/USD October 24, 2019
In favor of the fall in BTC/USD quotes, a test of the broken trend line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower boundary of the ascending channel. Cancellation of the Bitcoin depreciation option will be a strong growth and a breakdown of the 8605 area. This will indicate a breakdown of the resistance area and continued growth of the Bitcoin exchange rate with a potential target at 9355. With the breakdown of the support area and closing of cryptocurrency quotes below 6850, we should expect confirmation of a digital asset depreciation.
Bitcoin Forecast and Analysis BTC/USD October 24, 2019 suggests an attempt to test the resistance level near the area of 7835. And then, the cryptocurrency will continue to fall with a potential target at 5785. 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 8605. This will indicate a continuation of the rise with a potential target above the area of 9355.
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