Bitcoin BTC/USD ends the trading week at 6507 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 6650. 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 5200.
Bitcoin weekly forecast & analysis October 8 — 12, 2018
In favor of reducing the BTC/USD quotes in the current trading week of October 8 — 12, 2018, a resistance line test on the relative strength index (RSI), as well as a test of the upper limit of the «Triangle» model, will come out. Cancellation of the Bitcoin fall option will be a strong growth and a breakdown of the 7100 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 8400. A confirmation of the downward trend development will be a breakdown of the lower limit of the «Triangle» model and closing of quotes below the level of 5900.
Bitcoin weekly forecast & analysis October 8 — 12, 2018 suggests an attempt at a resistance area near the level of 6650 and continuing cryptocurrency decline to an area below the level of 5200, an additional signal in favor of depreciation of Bitcoin will be the 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 area of 7100, in this case, we should expect continued growth.