Bitcoin BTC/USD ends the trading week at 9769 and continues to move as part of the correction and the beginning of the formation of the «Head and Shoulders» reversal pattern. Moving averages indicate a bullish trend. Prices were able to break through the area between the signal lines up, which indicates strong pressure from buyers. At the moment, we should expect an attempt to continue the development of the correction and test the support area near the level of 8165. Where again we should expect a rebound and continued growth of the Bitcoin rate with a potential target above the level of 13745.
Bitcoin Forecast and Analysis February 10 — 14, 2020
In favor of raising BTC/USD quotes in the current trading week, February 10 — 14, 2020, a rebound from the upper border of the downward channel will be made. The second signal will be a rebound from the trend line on the relative strength index (RSI). Cancellation of the Bitcoin growth option will be a fall and a breakdown of the 6425 area. This will indicate a breakdown of the support area and a continuation of the fall of BTC/USD with a potential target below the level of 4775. A confirmation of the development of the upward trend will be a breakdown of the resistance area and closing of quotations above the level of 10605, which will indicate the completion of formation reversal model inverted «Head and shoulders».
Bitcoin Forecast and Analysis February 10 — 14, 2020 suggests an attempt at the support area near the level of 8165. Then, the cryptocurrency will continue to grow to the area below the level of 13745. 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 6425. In this case, we should expect continued decline with the target at the level of 4775.
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