Bitcoin BTC/USD ends the trading week at 6197 and continues to move as part of the formation of the «Triangle» model. At the moment, we should expect an attempt to test the resistance area near the level of 6550. Where again we should expect a rebound and an attempt to continue the fall of the Bitcoin exchange rate with a potential target below the 5000 level.
Bitcoin weekly forecast & analysis October 15 — 19, 2018
In the current trading week of October 15 — 19, 2018, the test of the broken trend line on the relative strength indicator, as well as the «Triangle» model upper limit test, will be in favor of reducing BTC/USD quotes. Cancellation of the Bitcoin fall option will be a strong growth and a breakdown of the 7000 area, which will indicate a breakdown of the upper boundary of the model and continued growth of BTC/USD with a potential target above the level of 8350. A confirmation of the development of the downward trend will be a breakdown of the lower limit of the «Triangle» model and closing of quotes below the 5800 level.
Bitcoin weekly forecast & analysis October 15 — 19, 2018 suggests an attempt at a resistance area near the level of 6550 and continuing cryptocurrency decline to an area below the 5000 level, an additional signal in favor of depreciation of Bitcoin will be the resistance area test on the relative strength index (RSI), canceling the drop quotes option Bitcoin cryptocurrency will make a strong growth and the breakdown of the region of 7000, in this case we should expect continued growth.