Bitcoin BTC/USD ends the trading week at the level of 3411 and continues to move as part of the decline and the formation of the «Triangle» model. Moving averages indicate a downward trend. At the moment, we should expect an attempt to grow and test the resistance area near the level of 3750. Where again we should expect a rebound and an attempt to continue the fall of the Bitcoin rate with a potential target below 2350.
Bitcoin Forecast and Analysis February 4 — 8, 2019
In favor of reducing the BTC/USD quotes in the current trading week on February 4 — 8, 2019, a test of the downward trend line on the relative strength index (RSI) will be performed. The cancellation of the Bitcoin drop option will be a strong growth and a breakdown of the 4150 area. This will indicate a breakdown of the upper limit of the Triangle model and continued growth of BTC/USD with a potential target above the level of 5500. A confirmation of the downward trend development will be a breakdown of the lower border of the «Triangle» model and closing quotes below level 3250.
Bitcoin Forecast and Analysis February 4 — 8, 2019 suggests an attempt at a resistance area near the level of 3750. Then, the continuation of the cryptocurrency decline to an area below 2350. An additional signal in favor of the Bitcoin exchange rate is the resistance line test on the relative strength index (RSI). Canceling the option of falling cryptocurrency quotes Bitcoin will make a strong growth and the breakdown of the area of 4150. In this case, we should expect a continuation of the rise.