Bitcoin BTC/USD ends the trading week at 7969 and continues to move as part of a strong fall and the development of the «Triangle» model has begun. 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 6405. Where again we should expect a rebound and continued growth of the Bitcoin rate with a potential target above the level of 11275.
Bitcoin Forecast and Analysis September 30 — October 4, 2019
In favor of raising the BTC/USD quotes in the current trading week September 30 — October 4, 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 5965. This will indicate a breakdown of the lower boundary of the upward channel and a continuation of the fall of BTC/USD with a potential target below the level of 3450. A confirmation of the development of the upward trend will be a breakdown of the upper boundary of the downward channel and closing quotations above the level of 9705.
Bitcoin Forecast and Analysis September 30 — October 4, 2019 suggests an attempt at the support area near the level of 6405. Then, the cryptocurrency will continue to grow to the area above the level of 11275. An additional signal in favor of the Bitcoin appreciation 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 5965. In this case, we should expect continued decline with a target at the level of 3450.