BTC/USD are trading at 8278 and continue to move as part of the correction and the formation of the «Triangle» model. Bitcoin cryptocurrency capitalization at the time of the publication of the forecast is $148 507 775 072. Moving averages indicate the presence of a short-term downward trend in Bitcoin. As part of the forecast for the cryptocurrency rate for October 3, 2019, we should expect an attempt to raise the asset quotes and test the resistance level near the area of 8455. Where again we should expect a rebound and an attempt to continue the fall of the Bitcoin rate with the target below the area of 6995.
Bitcoin Forecast and Analysis BTC/USD October 4, 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 «Triangle» model. Cancellation of the Bitcoin depreciation option will be a strong growth and a breakdown of the 8965 area. This will indicate a breakdown of the resistance area and continued growth of the Bitcoin exchange rate with a potential target at 9650. With the breakdown of the support area and closing of cryptocurrency quotes below 7405, we should expect confirmation of a decrease in the digital asset rate.
Bitcoin Forecast and Analysis BTC/USD October 4, 2019 suggests an attempt to test the resistance level near the area of 8455. And then, the cryptocurrency will continue to fall with a potential target at 6995. 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 to reduce the cryptocurrency will be a strong growth and a breakdown of the 8965 area. This will indicate a continuation of the rise with a potential target above 9650.
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