Bitcoin BTC/USD ends the trading week at the level of 3800 and continues to move as part of the correction and the beginning of the development of the «Triangle» model. Moving averages indicate a bearish trend. At the moment, we should expect an attempt to fall and a test of the support area near the level of 3650. Where again we should expect a rebound and an attempt to continue the growth of the Bitcoin rate with a potential target above the level of 5050.
Bitcoin Forecast and Analysis March 4 — 8, 2019
In the current trading week of March 4 — 8, 2019, a test of the rising trend line on the relative strength index (RSI) will be in favor of raising the BTC/USD quotes. The second signal will be a rebound from the upper boundary of the model «Triangle». The cancellation of the Bitcoin growth option will be the fall and the breakdown of the 3050 area. This will indicate a breakdown of the lower boundary of the Triangle model and the continuation of the fall of BTC/USD with a potential target below the level of 2450. A breakdown of the resistance area and closing of quotes above the level of 4150 will confirm the upward trend.
Bitcoin Forecast and Analysis March 4 — 8, 2019 suggests an attempt at the support area near the level of 3650. Then, the continued growth of cryptocurrency to the region above the level of 5050. An additional signal in favor of raising the rate of Bitcoin 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 the fall and the breakdown of the 3050 area. In this case, we should expect a further decline.