BTC/USD are trading at 8002 and continue to move as part of the correction and the downward channel. Bitcoin cryptocurrency capitalization at the time of the publication of the forecast is $144 662 516 415. Moving averages indicate the presence of a short-term downward trend for Bitcoin. As part of the cryptocurrency rate forecast for tomorrow, October 8, 2019, we should expect an attempt to raise the asset quotes and test the resistance level near the area of 8505. 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 6545.
Bitcoin Forecast and Analysis BTC/USD October 8, 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 bearish channel. Cancellation of the Bitcoin depreciation option will be a strong growth and a breakdown of the area of 9345. This will indicate a breakdown of the resistance area and continued growth of the Bitcoin rate with a potential target at 9890. With the breakdown of the support area and closing of cryptocurrency quotes below the level of 7405, we should expect confirmation of a decrease in the rate of the digital asset.
Bitcoin Forecast and Analysis BTC/USD October 8, 2019 suggests an attempt to test the resistance level near the area of 8505. And then, the cryptocurrency will continue to fall with a potential target at 6545. 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 cryptocurrency will be a strong growth and a breakdown of the area of 9345. This will indicate a continuation of the rise with a potential target above 9890.
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