Bitcoin BTC/USD ends the trading week at 3541 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 3765. Where again we should expect a rebound and an attempt to continue the fall of the Bitcoin rate with a potential target below the level of 2250.
Bitcoin Forecast and Analysis January 28 — February 1, 2019
In favor of reducing the BTC/USD quotes in the current trading week of January 28 — February 1, 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 limit of the «Triangle» model and closing quotes below level 3250.
Bitcoin Forecast and Analysis January 28 — February 1, 2019 suggests an attempt at a resistance area near the level of 3765. Then, the continuation of the fall of cryptocurrency to an area below the level of 2250. An additional signal in favor of the Bitcoin exchange rate is the resistance line test on the relative strength index (RSI). The abolition of the option of falling cryptocurrency quotes Bitcoin will make a strong growth and a breakdown of the 4150 area. In this case, we should expect a further rise.