Bitcoin BTC/USD ends the trading week at 20703, continues to move as part of a strong bullish correction and a downward channel. Moving averages indicate a bearish trend. Prices have broken through the area between the signal lines down, which indicates pressure from sellers of the asset and a potential continuation of the fall in asset quotes. At the moment, we should expect an attempt to develop a bullish correction in the price of the coin and a test of the resistance area near the level of 27055. From where we should again expect a rebound down and a continuation of the fall in the Bitcoin rate with a potential target below the level of 9505.
Bitcoin Weekly Forecast September 12 — 16, 2022
An additional signal in favor of the fall of BTC/USD quotes in the current trading week September 12 — 16, 2022 will be a rebound from the upper border of the descending channel. The second signal will be a rebound from the resistance line on the relative strength index (RSI). Cancellation of the Bitcoin fall option will be a strong growth and a breakdown of the 29505 area. This will indicate a breakdown of the resistance area and continued growth of BTC/USD quotes with a potential target above the level of 35005. A confirmation of the development of the downward movement will be a breakdown of the support area and closing of quotes below the level of 18505, while from this area had two rebounds at the top.
Bitcoin Weekly Forecast September 12 — 16, 2022 suggests an attempt at a resistance area near the level of 27055. Then the cryptocurrency continues to fall to the area below the level of 9505. An additional signal in favor of the fall in the Bitcoin rate in the current trading week will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to reduce the quotes of the Bitcoin cryptocurrency will be a strong growth and a breakdown of the area of 29505. In this case, we should expect a continuation of the rise with the target at the level of 35005.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link