Bitcoin BTC/USD ends the trading week at 10156 and continues to move as part of the correction and the formation 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 9505. 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 14250.
Bitcoin Forecast and Analysis September 23 — 27, 2019
In favor of raising BTC/USD quotes in the current trading week September 23 — 27, 2019, a test of the ascending trend line on the relative strength index (RSI) will be made. The second signal will be a rebound from the lower boundary of the «Triangle» model. Cancellation of the Bitcoin growth option will be a fall and a breakdown of the 8750 area. This will indicate a breakdown of the lower border of the pattern and a continuation of the fall of BTC/USD with a potential target below the level of 5655. A confirmation of the development of the upward trend will be a breakdown of the upper border of the Triangle model and closing quotes above the level of 11650.
Bitcoin Forecast and Analysis September 23 — 27, 2019 implies an attempt to the support area near the level of 9505. Then, the cryptocurrency will continue to grow to the area above the level of 14250. 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 8750 area. In this case, we should expect continued decline with the target at the level of 5655.