Bitcoin BTC/USD ends the trading week at 12798 and continues to move within the strong growth and upward channel. Moving averages indicate a bullish trend. Prices went up from the area between the signal lines, which indicates pressure from the buyers of the asset and the potential continued growth of the asset’s quotes. At the moment, we should expect an attempt to develop growth and test the resistance area near the level of 13305. Where can we expect a rebound again and the continuation of the fall in the Bitcoin rate with a potential target below the level of 10205.
Bitcoin Forecast and Analysis October 26 — 30, 2020
An additional signal in favor of a fall in BTC/USD quotes in the current trading week of October 26 — 30, 2020 will be a rebound from the upper border of the ascending channel. The second signal will be a rebound from the resistance line on the RSI indicator. Cancellation of the Bitcoin fall option will be a strong growth and a breakdown of the area of 14255. This will indicate a breakdown of the resistance area and continued growth in BTC/USD quotes with a potential target above the level of 16505. Confirmation of the development of a downward trend will be a breakdown of the support area and closing of quotations below 11055.
Bitcoin Forecast and Analysis October 26 — 30, 2020 suggests an attempt at a resistance area near the level of 13305. Then, the cryptocurrency will continue to fall to the area below the level of 10205. An additional signal in favor of a decline in the Bitcoin rate in the current trading week will be a test of the resistance line on the relative strength index (RSI). Cancellation of the option of falling Bitcoin cryptocurrency quotes will be made by a strong growth and a breakdown of the area of 14255. In this case, we should expect a continuation of the rise with the target at 16505.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link