BTC/USD are traded at 10696 and continue to move as part of the correction and the formation of the “Triangle” pattern, which market participants cannot break through. Bitcoin cryptocurrency capitalization at the time of the publication of the forecast is $198 656 162 851. Moving averages indicate a short-term bearish trend for Bitcoin. Prices are again testing the area between the lines, which indicates pressure from the sellers of Digital Gold and a potential continuation of the fall in the asset value from the current levels. As part of the cryptocurrency rate forecast for tomorrow, October 7, 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 10155 area. Where again should we expect a rebound and an attempt to continue the growth of the Bitcoin rate with a target above the 11965 area.
Bitcoin Forecast and Analysis BTC/USD October 7, 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 lower border of the “Triangle” model. 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 9935. This will indicate a breakdown of the support area and the continuation of the fall in the Bitcoin rate with a potential target at 9265. With the breakdown of the resistance area and closing of cryptocurrency quotes above the level of 11255, we should expect confirmation of the growth of the rate the digital asset and the beginning of the development of the “Triangle” model.
Bitcoin Forecast and Analysis BTC/USD October 7, 2020 suggests an attempt to test the support level near the 10155 area. And further, the cryptocurrency will continue to grow with a potential target at 11965. 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 growth option for cryptocurrency will be a fall and a breakdown of the 9935 area. This will indicate a continued decline with a potential target below the 9265 area.
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