Bitcoin BTC/USD are trading at 3764 and continue to move as part of the correction. Cryptocurrency capitalization at the time of the publication of the forecast is $66 709 031 360. Moving averages indicate a bearish trend in Bitcoin. At the moment, we should expect an attempt to reduce and test the support level near the area of 3450. Where again we should expect a rebound and an attempt to continue the growth of the Bitcoin rate with a target above the level of 4970.
Bitcoin forecast & technical analysis January 1, 2019
In favor of the growth of BTC/USD quotes, a test of the rising trend line on the relative strength index (RSI) will be made. As well as the formation of the «Head and Shoulders» reversal pattern. Cancellation of the Bitcoin exchange rate growth option will also lead to the breakdown of the 3200 area. This will indicate that the support area is broken down and Bitcoin continues to fall with the potential target at 2850. With the breakdown of the resistance area and the closure of cryptocurrency quotes above the 4250, you should expect confirmation of the growth of the digital asset.
Bitcoin forecast & technical analysis January 1, 2019 suggests an attempt to test the support level near 3450. And then the cryptocurrency will continue to grow with a potential target of 4970. An additional signal in favor of the Bitcoin exchange rate will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth of cryptocurrency will be the fall and the breakdown of the area of 3200.