Bitcoin BTC/USD ends the trading week at 7889 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 sellers. At the moment, we should expect an attempt to continue the fall and test the support area near the level of 6750. Where again we should expect a rebound and continued growth of the Bitcoin rate with a potential target above the level of 12375.
Bitcoin Forecast and Analysis October 21 — 25, 2019
In favor of raising the BTC/USD quotes in the current trading week October 21 — 25, 2019, the formation of the «Head and Shoulders» reversal pattern on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower boundary of the ascending channel. Cancellation of the Bitcoin growth option will be a fall and a breakdown of the 6250 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 4750. A confirmation of the development of the upward trend will be a breakdown of the resistance level and closing of quotations above 9550.
Bitcoin Forecast and Analysis October 21 — 25, 2019 suggests an attempt at the support area near the level of 6750. Then, the cryptocurrency will continue to grow to the area below the level of 12375. 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 6250. In this case, we should expect a further decline with the target at the level of 4750.