Bitcoin BTC/USD ends the trading week at 7919 and continues to move as part of the correction and the bullish channel. Moving averages indicate a bullish trend. An important area of support is located near the 7000 level. At the moment, we should expect an attempt to correct and test the support area near the 6825 level. Where can we expect a rebound again and an attempt to continue the growth of the Bitcoin rate with a potential target above the level of 10650.
Bitcoin Forecast and Analysis June 10 — 14, 2019
In favor of raising the BTC/USD quotes on the current trading week of June 10 — 14, 2019, a breakdown of the downward 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 area of 6025. 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 4850. 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 9425.
Bitcoin Forecast and Analysis June 10 — 14, 2019 implies an attempt at the support area near the level of 6825. Then, the continued growth of cryptocurrency in the region above the level of 10650. An additional signal in favor of raising the Bitcoin rate will be the 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 6025 area. In this case, we should expect a further decline with the target at the level of 4850.