Bitcoin BTC/USD closes the trading week at 9680 and continues to move as part of the correction after a strong price increase. 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 minor correction and test the support area near the level of 9225. Where again we should expect a rebound and continued growth of the Bitcoin rate with a potential target above the level of 14065.
Bitcoin Forecast and Analysis February 24 — 28, 2020
In favor of raising BTC/USD quotes in the current trading week February 24 — 28, 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 area of 7725. 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 5655. 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 11095.
Bitcoin Forecast and Analysis February 24 — 28, 2020 suggests an attempt at the support area near the level of 9225. Then, the cryptocurrency will continue to grow to the area below the level of 14065. 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 7725. In this case, we should expect continued decline with the target at the level of 5655.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
