Bitcoin BTC/USD ends the trading week at 8572 and continues to move as part of the correction. Moving averages indicate a bullish trend. Prices are testing the area between the signal lines, indicating strong pressure from buyers and a potential upward rebound from current levels. At the moment, we should expect an attempt to continue minor correction and test the support area near the level of 7955. Where again we should expect a rebound and continued growth of the Bitcoin rate with a potential target above the level of 12455.
Bitcoin Forecast and Analysis March 2 — 6, 2020
In favor of raising BTC/USD quotes in the current trading week March 2 — 6, 2020, a rebound from the lower border of the rising channel will be made. The second signal will be a rebound from the trend line on the relative strength index (RSI). Cancellation of the Bitcoin growth option will be a fall and a breakdown of the 6605 area. This will indicate a breakdown of the support area and a continued fall of BTC/USD with a potential target below the level of 5605. A confirmation of the development of the upward trend will be a breakdown of the resistance area and closing of quotations above 11005.
Bitcoin Forecast and Analysis March 2 — 6, 2020 suggests an attempt at the support area near the level of 7955. Then, the cryptocurrency will continue to grow to the area below the level of 12455. An additional signal in favor of the growth of the Bitcoin exchange rate will be the support line test on the relative strength index (RSI). Cancellation of the option of raising the Bitcoin cryptocurrency quotes will be a fall and a breakdown of the area of 6605. In this case, we should expect continued decline with the target at the level of 5605.
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