Bitcoin BTC/USD ends the trading week at 7121 and continues to move as part of the correction and the downward channel. Moving averages indicate a bullish trend, prices have broken through the area between the signal lines, indicating pressure from sellers. At the moment, we should expect an attempt to continue the fall and test the support area near the level of 6650. Where again we should expect a rebound and continued growth of the Bitcoin rate with a potential target above the level of 12650.
Bitcoin Forecast and Analysis November 25 — 29, 2019
In favor of raising BTC/USD quotes in the current trading week November 25 — 29, 2019, a rebound from the lower border of the downward 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 5650 area. 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 4250. A confirmation of the development of the upward trend will be a breakdown of the resistance level and closing of quotations above 8455.
Bitcoin Forecast and Analysis November 25 — 29, 2019 suggests an attempt at the support area near the level of 6650. Then, the cryptocurrency will continue to grow to the area below the level of 12650. 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 5650 area. In this case, we should expect continued decline with the target at the level of 4250.