Bitcoin BTC/USD ends the trading week at 11298 and continues to move as part of the correction and the upward channel. Moving averages indicate a bullish trend. An important area of support is located near the level of 9450. At the moment, we should expect an attempt of correction and a test of the area of support near the level of 9755. 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 14950.
Bitcoin Forecast and Analysis July 8 — 12, 2019
In favor of the rise of BTC USD quotes in the current trading week of July 8 — 12, 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 8600 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 8 — 12, 2019 implies an attempt to support the area near the level of 9755. Then, the continued growth of cryptocurrency in the region above the level of 14950. An additional signal in favor of raising the rate of Bitcoin will be a test of the support line on the relative strength indicator. The cancellation of the Bitcoin cryptocurrency quotes growth option will be a fall and a breakdown of the 8600 region. In this case, we should expect a further decline with the target at the level of 5450.