Bitcoin BTC/USD ends the trading week at 8861 and continues to move as part of the growth and the beginning of the development of the «Wedge» model. Moving averages indicate a downward 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 fall and test the support area near the level of 7855. Where again we should expect a rebound and continued growth of the Bitcoin rate with a potential target above the level of 12565.
Bitcoin Forecast and Analysis January 20 — 24, 2020
In favor of raising BTC/USD quotes in the current trading week from January 20 to 24, 2020, a rebound from the upper boundary of the «Wedge» model will come out. The second signal will be a rebound from a broken trend line on the relative strength index (RSI). Cancellation of the Bitcoin growth option will be a fall and a breakdown of the 6075 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 4575. A confirmation of the development of the upward trend will be a breakdown of the resistance area and closing of quotations above 9905.
Bitcoin Forecast and Analysis January 20 — 24, 2020 suggests an attempt at the support area near the level of 7855. Then, the cryptocurrency will continue to grow to the area below the level of 12565. 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 to raise the Bitcoin cryptocurrency quotes will be a fall and a breakdown of the 6075 area. In this case, we should expect a further decline with the target at the level of 4575.
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