Bitcoin BTC/USD ends the trading week at 7861 and continues to move as part of the growth and the development of the «Wedge» reversal model. Moving averages indicate a downward trend. Prices are testing the area between the signal lines, which indicates a potential drop from the current value levels 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 6775. Where again we should expect a rebound and continued growth of the Bitcoin rate with a potential target above the level of 12545.
Bitcoin Forecast and Analysis January 13 — 17, 2020
In favor of raising BTC/USD quotes in the current trading week January 13 — 17, 2020, a rebound from the upper boundary of the «Wedge» model will come out. The second signal will be a rebound from the broken trend line on the relative strength index (RSI). Cancellation of the Bitcoin growth option will be a fall and a breakdown of the 5135 area. This will indicate a breakdown of the lower boundary of the channel and a continuation of the fall of BTC/USD with a potential target below the level of 4265. A confirmation of the development of the upward trend will be a breakdown of the resistance area and closing of quotations above 8405.
Bitcoin Forecast and Analysis January 13 — 17, 2020 suggests an attempt at the support area near the level of 6775. Then, the cryptocurrency will continue to grow to the area below the level of 12545. 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 5135 area. In this case, we should expect a further decline with the target at 4265.