Bitcoin BTC/USD ends the trading week at 10690 and continues to move as part of the correction and the upward channel. Moving averages indicate a bullish trend. Prices are testing the areas 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 a correction and a test of the support area near the level of 8605. Where can we again expect a rebound and continued growth in the Bitcoin rate with a potential target above the level of 13650.
Bitcoin Forecast and Analysis October 5 — 9, 2020
An additional signal in favor of the growth of BTC/USD quotes in the current trading week on October 5 — 9, 2020 will be a rebound from the lower border of the ascending channel. The second signal will be a rebound from the support line on the relative strength index (RSI). Cancellation of the Bitcoin growth option will be a fall and a breakdown of the 6905 area. This will indicate a breakdown of the support area and a continued fall in BTC/USD quotes with a potential target below the level of 6205. Confirmation of the development of an upward trend will be a breakdown of the resistance area and closing of quotes above the level of 11765.
Bitcoin Forecast and Analysis October 5 — 9, 2020 suggests an attempt at a support area near the level of 8605. Then, the cryptocurrency will continue to grow to the area above the level of 13650. An additional signal in favor of an increase in the Bitcoin rate in the current trading week will be a test of the support line on the relative strength. Cancellation of the growth option for Bitcoin cryptocurrency quotes will be a fall and a breakdown of the 6905 area. In this case, we should expect a continuation of the fall with the target at 6205.
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