Bitcoin BTC/USD are trading at 3417 and continue to move as part of the decline. Cryptocurrency capitalization at the time of the publication of the forecast is $60 729 431 804. Moving averages indicate the presence of a bearish trend in Bitcoin. At the moment, we should expect an attempt of growth and a test of the resistance level near the area of 3485. Where again we should expect a rebound and an attempt to continue the fall of the Bitcoin rate with the goal below the level of 3125.
Bitcoin Forecast and Analysis BTC/USD February 6, 2019
In favor of the fall in BTC/USD quotes, a test of the downward trend line on the relative strength index (RSI) appears. As well as a rebound from the upper boundary of the descending channel. Cancellation of the Bitcoin exchange rate decline will be a strong growth and a breakdown of the 3560 area. This will indicate a breakdown of the resistance area and the continued growth of the Bitcoin rate with a potential target at 4050. With the breakdown of the support area and the closure of the cryptocurrency quotes below 3295, the depreciation of the digital asset will be confirmed.
Bitcoin Forecast and Analysis BTC/USD February 6, 2019 implies an attempt to test the resistance level near 3485. And then the cryptocurrency will continue to fall with a potential target at the level of 3125. An additional signal in favor of Bitcoin depreciation will be the test of forming a reversal model on the relative strength index (RSI). Cancellation of the option of falling cryptocurrency will be the growth and breakdown of the area of 3560. This will indicate continued growth with a potential target above 4050.