Bitcoin BTC/USD ends the trading week at the level of 8153 and continues to move as part of the fall and the beginning of the development of the «Triangle» model. Moving averages indicate a bullish trend. At the moment, we should expect an attempt to continue to decline and test the support area near the level of 6565. Where again we should expect a rebound and continued growth of the Bitcoin rate with a potential target above the level of 12825.
Bitcoin Forecast and Analysis October 7 — 11, 2019
In favor of the rise in BTC/USD quotes in the current trading week October 7 — 11, 2019, a test of the support area 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 area of 5905. This will indicate a breakdown of the lower border of the upward channel and a continuation of the fall of BTC/USD with a potential target below the level of 3505. A confirmation of the development of the upward trend will be a breakdown of the upper border of the downward channel and closing quotations above the level of 9705.
Bitcoin Forecast and Analysis October 7 — 11, 2019 suggests an attempt at the support area near the level of 6565. Then, the cryptocurrency will continue to grow to the area above the level of 12825. An additional signal in favor of the Bitcoin exchange rate will be the support line test on the relative strength index (RSI). Cancellation of the growth option for Bitcoin cryptocurrency quotes will be a fall and a breakdown of the area of 5905. In this case, we should expect continued decline with a target at the level of 3505.