Bitcoin BTC/USD ends the trading week at 16206 and continues to move within the strong growth and upward channel. Moving averages indicate a bullish trend. Prices went up from the area between the signal lines, which indicates pressure from the buyers of the asset and the potential continued growth of the asset’s quotes. At the moment, we should expect an attempt to develop growth and test the resistance area near the level of 15405. Where can we again expect a rebound and continued growth in the Bitcoin rate with a potential target above the level of 20365.
Bitcoin Forecast and Analysis November 16 — 20, 2020
An additional signal in favor of raising the BTC/USD quotes in the current trading week of November 16 — 20, 2020 will be a rebound from the upper border of the ascending channel. The second signal will be a rebound from the support line on the RSI indicator. Cancellation of the Bitcoin growth option will be a fall and a breakdown of the 12405 area. This will indicate a breakdown of the support area and a continued fall in BTC/USD quotes with a potential target below 9505. Confirmation of the development of an upward trend will be a breakdown of the resistance area and closing of quotations above 16755.
Bitcoin Forecast and Analysis November 16 — 20, 2020 suggests an attempt to support the support area near the level of 15405. Then, the cryptocurrency will continue to grow to the area below the level of 20365. An additional signal in favor of the Bitcoin rate rise in the current trading week will be a test of the support line on the relative strength index (RSI). Cancellation of the growth option for Bitcoin cryptocurrency quotes will be a fall and a breakdown of the 12405 area. In this case, we should expect a continued decline with a target at 9505.
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