Bitcoin BTC/USD ends the trading week at 9782 and continues to move in the framework of the downward correction and the bullish channel. Moving averages indicate a bullish trend. An important support area is located near the 9000 level. At the moment, we should expect an attempt at correction and a test of the support area near the 9350 level. Where can we expect a rebound again and an attempt to continue the growth of the Bitcoin rate with a potential target above 14350.
Bitcoin Forecast and Analysis July 29 — August 2, 2019
In favor of the rise of BTC/USD quotes in the current trading week of July 29 — August 2, 2019, a test of the rising trend line on the relative strength indicator 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 8450 area. This will indicate a breakdown of the lower boundary of the ascending channel and the continuation of the BTC/USD decline with a potential target below the level of 5650. The resistance of the resistance area and closing of quotes above the level of 12350 will confirm the development of the upward trend.
Bitcoin Forecast and Analysis July 29 — August 2, 2019 suggests an attempt to support the area near the level of 9350. Then, the continued growth of cryptocurrency in the region above the level of 14350. The test of the support line on the relative strength indicator will be an additional signal in favor of raising the Bitcoin rate. The cancellation of the Bitcoin cryptocurrency quotes growth option will be the fall and the breakdown of the 8450 area. In this case, we should expect a further decline with the target at 5650.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
