Bitcoin BTC/USD ends the trading week at the level of 11875 and continues to move in the framework of the downward correction and the upward channel. Moving averages indicate a bullish trend. An important area of support is located near the level of 9250. At the moment, we should expect an attempt to correct and test the area of support near the level of 9455. Where once again should we expect a rebound and an attempt to continue the growth of the Bitcoin rate with a potential target above the level of 14850.
Bitcoin Forecast and Analysis July 1 — 5, 2019
In favor of raising the BTC/USD quotes in the current trading week of July 1 – 5, 2019, a test of the rising trend line on the relative strength index (RSI) will be made. The second signal will be a rebound from the lower boundary of the rising channel. The cancellation of the Bitcoin growth option will be a fall and a breakdown of the 8650 area. This will indicate a breakdown of the lower boundary of the ascending channel and the continuation of the fall of BTC/USD with a potential target below the level of 5450. A confirmation of the development of the upward trend will be a breakdown of the resistance area and closing of quotes above the level of 13250.
Bitcoin Forecast and Analysis July 1 — 5, 2019 suggests an attempt to support the area near the level of 9455. Then, the continued growth of cryptocurrency in the region above the level of 14850. An additional signal in favor of raising the rate of Bitcoin will be a test of the support line on the relative strength index (RSI). The cancellation of the Bitcoin cryptocurrency quotes growth option will be a fall and a breakdown of the 8650 area. In this case, we should expect a further decline with the target at the level of 5450.