Bitcoin BTC/USD ends the trading week at the level of 3791 and continues to move as part of the correction. Moving averages indicate a bearish trend. At the moment, we should expect an attempt to reduce and test the support area near the level of 3650. 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 5000.
Bitcoin weekly forecast & analysis January 7 — 11, 2019
In favor of the growth of BTC/USD quotes in the current trading week of January 7 — 11, 2019, a test of the rising trend line on the relative strength index (RSI) will be made. The cancellation of the Bitcoin growth option will be a fall and a breakdown of the 3250 area. This will indicate a breakdown of the lower boundary of the «Triangle» model and a continued decline in BTC/USD with a potential target below 2500. A confirmation of the development of the upward trend will be a breakdown of the upper limit of the model and closing of quotes above 4100.
Bitcoin weekly forecast & analysis January 7 — 11, 2019 suggests an attempt to support the area near the level of 3650. Then, the continued growth of cryptocurrency in the region above the level of 5000. An additional signal in favor of the growth rate of Bitcoin will be the support line test on the relative strength index (RSI). The cancellation of the growth option of Bitcoin cryptocurrency quotes will be the fall and the breakdown of the 3250 area. In this case, we should expect a further decline.