Bitcoin BTC/USD ends the trading week at the level of 10769 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 9550. 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 14550.
Bitcoin Forecast and Analysis September 9 — 13, 2019
In favor of raising BTC/USD quotes in the current trading week September 9 — 13, 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 7750 area. This will indicate a breakdown of the lower boundary of the model and a continued fall of BTC/USD with a potential target below the level of 5345. A confirmation of the development of an upward trend will be a breakdown of the upper boundary of the «Triangle» model and closing quotes above the level of 12150.
Bitcoin Forecast and Analysis September 9 — 13, 2019 suggests an attempt at the support area near the level of 9550. Then, the cryptocurrency will continue to grow to the area above the level of 14550. 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 7750. In this case, we should expect a further decline with the target at 5345.