Bitcoin BTC/USD ends the trading week at the level of 9128 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 were able to return above the level of signal lines, which indicates pressure from buyers. At the moment, we should expect an attempt to continue the fall and test the support area near the level of 8755. Where again we should expect a rebound and continued growth of the Bitcoin rate with a potential target above the level of 12855.
Bitcoin Forecast and Analysis November 4 — 8, 2019
In favor of raising BTC/USD quotes in the current trading week November 4 — 8, 2019, the completion of the formation of the inverted Head and Shoulders model on the price chart will come out. 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 6465. 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 4760. A confirmation of the development of the upward trend will be a breakdown of the resistance level and closing of quotations above 11255.
Bitcoin Forecast and Analysis November 4 — 8, 2019 suggests an attempt to the support area near the level of 8755. Then, the cryptocurrency will continue to grow to the area below the level of 12855. 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 6465. In this case, we should expect a further decline with the target at the level of 4760.