BTC/USD are trading at 7461 and continue to move as part of the growth and the beginning of the development of the «Head and Shoulders» reversal pattern. Bitcoin cryptocurrency capitalization at the time of the publication of the forecast is $136 564 503 487. Moving averages indicate the presence of a short-term bullish trend for Bitcoin. As part of the cryptocurrency rate forecast for tomorrow, November 28, 2019, we should expect an attempt to drop the value of the digital asset and test the support level near the area of 7050. Where again we should expect a rebound and an attempt to continue the growth of the Bitcoin rate with a target above the area of 8475.
Bitcoin Forecast and Analysis BTC/USD November 29, 2019
An additional signal in favor of the growth of BTC/USD quotes will be a test of the broken trend line on the relative strength index (RSI). The second signal will be the completion of the formation of the reversal model. Cancellation of the Bitcoin exchange rate growth option will be a fall and a breakdown of the 6755 area. This will indicate a breakdown of the lower border of the channel and a continued fall of the Bitcoin rate with a potential target at 5850. With the breakdown of the resistance area and closing of cryptocurrency quotes above 7805, we should expect confirmation of a growth in the digital asset rate.
Bitcoin Forecast and Analysis BTC/USD November 29, 2019 suggests an attempt to test the support level near the area of 7050. And then, the cryptocurrency will continue to grow with a potential target at 8475. An additional signal in favor of the Bitcoin appreciation will be the support line test on the relative strength index (RSI). Cancellation of the cryptocurrency growth option will be a fall and a breakdown of the 6755 area. This will indicate a continuation of the fall with a potential target below the 5850 area.
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