Bitcoin BTC/USD ends the trading week at 7521 and continues to move as part of the correction and formation of the «Wolfe Wave» model. Moving averages indicate a bullish trend. However, 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 6470. Where again we should expect a rebound and continued growth of the Bitcoin rate with a potential target above the level of 11750.
Bitcoin Forecast and Analysis December 2 — 6, 2019
In favor of the rise in BTC/USD quotes in the current trading week December 2 — 6, 2019, a rebound from the lower border of the bullish «Wolfe Wave» model 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 5045. This will indicate a breakdown of the lower boundary of the model and a continuation of the fall of BTC/USD with a potential target below the level of 4250. A confirmation of the development of the upward trend will be a breakdown of the resistance level and closing of quotations above 8505.
Bitcoin Forecast and Analysis December 2 — 6, 2019 implies an attempt to the support area near the level of 6470. Then, the cryptocurrency will continue to grow to the area below the level of 11750. 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 5045. In this case, we should expect a further decline with the target at the level of 4250.