Bitcoin BTC/USD ends the trading week at the level of 6347 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 6620. Where again we should expect a rebound and an attempt to continue the fall of the Bitcoin rate with a potential target below the level of 5350.
Bitcoin weekly forecast & analysis October 22 — 26, 2018
In the current trading week of October 22 — 26, 2018, a downtrend trend test on the relative strength index (RSI), as well as a test of the upper limit of the «Triangle» model, will be in favor of reducing the 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 level of 5850 .
Bitcoin weekly forecast & analysis October 22 — 26, 2018 suggests an attempt at a resistance area near the level of 6620 and continuing cryptocurrency decline to an area below the level of 5350, an additional signal in favor of depreciation of Bitcoin will be a resistance area test on the relative strength index (RSI), canceling the option of falling quotes Bitcoin cryptocurrency will make a strong growth and the breakdown of the region of 7000, in this case we should expect continued growth.
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