Bitcoin BTC/USD ends the trading week at 8616 and continues to move as part of the correction and the formation of the head and shoulders reversal pattern. Moving averages indicate a bullish trend, prices continue to push off the signal lines, indicating bullish pressure. At the moment, we should expect an attempt to continue the fall and test the support area near the level of 8195. Where again we should expect a rebound and continued growth of the Bitcoin rate with a potential target above the level of 12155.
Bitcoin Forecast and Analysis November 18 — 22, 2019
In favor of raising BTC/USD quotes in the current trading week November 18 — 22, 2019, a rebound from the lower border of the rising channel will be made. The second signal will be a rebound from the ascending trend line on the relative strength index (RSI). Cancellation of the Bitcoin growth option will be a fall and a breakdown of the area of 6505. This will indicate a breakdown of the lower boundary of the channel and a continuation of the fall of BTC/USD with a potential target below the level of 4450. A confirmation of the development of the upward trend will be a breakdown of the resistance level and closing of quotations above 10955.
Bitcoin Forecast and Analysis November 18 — 22, 2019 suggests an attempt at the support area near the level of 8195. Then, the cryptocurrency will continue to grow to the area below the level of 12155. 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 to raise the Bitcoin cryptocurrency quotes will be a fall and a breakdown of the area of 6505. In this case, we should expect a further decline with the target at the level of 4450.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
