Bitcoin BTC/USD completes the trading week at 6350 and continues to move within a bearish trend. At this point, we should expect a test of the resistance area near the level of 7000. Again, we should expect a rebound and an attempt to continue the depreciation of Bitcoin with a target below 4800 level.
Bitcoin weekly forecast & analysis August 13 — 17, 2018
In favor of falling quotes BTC/USD will perform a test of a broken trend line on the indicator of relative strength index (RSI). The abolition of the Bitcoin reduction option will be a strong growth and breakdown of the 7400 area, which will indicate the breakdown of the resistance area and the continued growth of BTC/USD above the level of 8500. A breakdown of the support area and the closing of quotations below the level of 5900 will prove the development of the bearish trend.
Bitcoin weekly forecast & analysis August 13 — 17, 2018 suggests an attempt of a resistance area near the level of 7000 and the continuation of the fall of the cryptocurrency in the area below the level of 4800, an additional signal in favor of Bitcoin depreciation will be a test of the resistance line on the indicator of relative strength, area 7400.