Bitcoin BTC/USD ends the trading week at 9335 and continues to move as part of the correction and 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 8055. Where again we should expect a rebound and continued growth of the Bitcoin rate with a potential target above the level of 13855.
Bitcoin Forecast and Analysis February 3 — 7, 2020
In favor of raising BTC/USD quotes in the current trading week February 3 — 7, 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 6205 area. This will indicate a breakdown of the support area and a continued fall of BTC/USD with a potential target below the level of 4655. 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 9965, which will indicate the completion of formation reversal model inverted «Head and Shoulders».
Bitcoin Forecast and Analysis February 3 — 7, 2020 suggests an attempt at the support area near the level of 8055. Then, the cryptocurrency will continue to grow to the area below the level of 13855. 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 6205. In this case, we should expect continued decline with a target at the level of 4655.
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