Bitcoin BTC/USD ends the trading week at 7234 and continues to move as part of the correction and the bearish channel. Moving averages indicate a flat trend. Prices have pierced the area between the signal lines down, indicating pressure from the sellers of the digital asset. At the moment, we should expect an attempt to continue the fall and test the support area near the level of 6325. Where again we should expect a rebound and continued growth of the Bitcoin rate with a potential target above the level of 9645.
Bitcoin Forecast and Analysis December 16 — 20, 2019
In favor of raising BTC/USD quotes in the current trading week December 16 — 20, 2019, a rebound from the lower border of the downward channel will be made. The second signal will be a rebound from the ascending trend line on the relative strength index (RSI). Cancellation of the Bitcoin growth option will be a fall and a breakdown of the area of 4805. This will indicate a breakdown of the lower boundary of the channel and a continuation of the fall of BTC/USD with a potential target below the level of 4050. A confirmation of the development of the upward trend will be a breakdown of the resistance level and closing of quotations above 8555.
Bitcoin Forecast and Analysis December 16 — 20, 2019 suggests an attempt at the support area near the level of 6325. Then, the cryptocurrency will continue to grow to the area below the level of 9645. An additional signal in favor of the growth of the Bitcoin exchange rate will be the support line test on the relative strength index (RSI). Cancellation of the option of raising the Bitcoin cryptocurrency quotes will be a fall and a breakdown of the area of 4805. In this case, we should expect continued decline with the target at the level of 4050.
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