Bitcoin BTC/USD ends the trading week at the level of 8362 and continues to move as part of the decline and the beginning of the development of the «Triangle» model. Moving averages indicate a bullish trend, but prices were able to break through the area between the lines, indicating pressure from the bears. At the moment, we should expect an attempt to continue growth and test the resistance area near the level of 9250. Where again we should expect a rebound and the continued fall of the Bitcoin rate with a potential target below 6450.
Bitcoin Forecast and Analysis October 14 — 18, 2019
In favor of reducing the BTC/USD quotes in the current trading week October 14 — 18, 2019, a test of the trend line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower boundary of the «Triangle» model. Cancellation of the Bitcoin fall option will be a strong growth and a breakdown of the 9950 area. This will indicate a breakdown of the lower boundary of the model and continued growth of BTC/USD with a potential target above the level of 12505. A confirmation of the development of the downward trend will be a breakdown of the lower boundary of the upward channel and closing quotes below 6550.
Bitcoin Forecast and Analysis October 14 — 18, 2019 suggests an attempt at the resistance area near the level of 9250. Then, the cryptocurrency will continue to fall to the area below the level of 6450. An additional signal in favor of the Bitcoin exchange rate will be the resistance line test on the relative strength index (RSI). Cancellation of the option of falling Bitcoin cryptocurrency quotes will be a strong growth and a breakdown of the 9950 area. In this case, we should expect continued growth with a target at the level of 12505.
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