Bitcoin BTC/USD ends the trading week at 7738 and continues to move as part of the decline. 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 the fall and test the support area near the level of 6700. Where again we should expect a rebound and continued growth of the Bitcoin rate with a potential target above 11045.
Bitcoin Forecast and Analysis October 28 — November 1, 2019
In favor of raising BTC/USD quotes in the current trading week October 28 — November 1, 2019, the completion of the formation of the inverted «Head and Shoulders» model 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 6050 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 4650. A confirmation of the development of the upward trend will be a breakdown of the resistance level and closing of quotations above 9055.
Bitcoin Forecast and Analysis October 28 — November 1, 2019 implies an attempt to the support area near the level of 6700. Then, the cryptocurrency will continue to grow to the area below the level of 11045. 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 of raising the Bitcoin cryptocurrency quotes will be a fall and a breakdown of the area of 6050. In this case, we should expect continued decline with the target at the level of 4650.
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