Bitcoin BTC/USD ends the trading week at 9507 and continues to move as part of the correction. 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 8450. Where again we should expect a rebound and an attempt to continue the growth of the Bitcoin rate with a potential target above the level of 13650.
Bitcoin Forecast and Analysis September 2 — 6, 2019
In favor of raising BTC/USD quotes in the current trading week September 2 — 6, 2019, a test of the ascending trend line 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 6750. This will indicate a breakdown of the lower boundary of the rising channel and a continuation of the fall of BTC/USD with a potential target below the level of 5250. A confirmation of the development of the upward trend will be a breakdown of the resistance area and closing of quotations above the level of 11550.
Bitcoin Forecast and Analysis September 2 — 6, 2019 implies an attempt to the support area near the level of 8450. Then, the cryptocurrency will continue to grow to the area above the level of 13650. An additional signal in favor of the Bitcoin appreciation will be the support line test on the relative strength index (RSI). The cancellation of the growth option for Bitcoin cryptocurrency quotes will be a fall and a breakdown of the area of 6750. In this case, we should expect continued decline with the target at the level of 5250.