BTC/USD are trading at 9079 and continue to move as part of the growth. Bitcoin cryptocurrency capitalization at the time of the publication of the forecast is $164 585 697 879. Moving averages indicate the presence of a short-term lateral trend for Bitcoin, prices are above the level of signal lines, which indicates pressure from the bulls. As part of the cryptocurrency rate forecast for tomorrow, October 31, 2019, we should expect an attempt to correct the asset and test the support level near the area of 8705. Where again we should expect a rebound and an attempt to continue the growth of the Bitcoin rate with a target above the area of 11875.
Bitcoin Forecast and Analysis BTC/USD October 31, 2019
In favor of the growth of BTC/USD quotes, a test of the upward trend 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 exchange rate growth option will be a fall and a breakdown of the area of 8005. This will indicate a breakdown of the support area and a continued decline in the Bitcoin rate with a potential target at 7205. With the breakdown of the resistance area and closing of cryptocurrency quotes above 10465, we should expect confirmation of a rise in the rate of the digital asset.
Bitcoin Forecast and Analysis BTC/USD October 31, 2019 suggests an attempt to test the support level near the area of 8705. And then, the cryptocurrency will continue to grow with a potential target at 11875. An additional signal in favor of the Bitcoin appreciation will be the support line test on the relative strength index (RSI). Cancellation of the cryptocurrency growth option will be a fall and a breakdown of the area of 8005. This will indicate a continued decline with a potential target below the area of 7205.