Bitcoin BTC/USD ends the trading week at 6171 and continues to move as part of the correction. Moving averages indicate a bearish trend. Prices have broken down the area between the signal lines, indicating strong pressure from sellers. At the moment, we should expect an attempt to continue the fall and test the support area near the level of 4705. Where again we should expect a rebound and continued growth of the Bitcoin rate with a potential target above the level of 8055.
Bitcoin Forecast and Analysis March 23 — 27, 2020
In favor of raising BTC/USD quotes in the current trading week on March 23 — 27, 2020, a rebound from the lower border of the downward channel will be made. The second signal will be a rebound from the support area on the relative strength index (RSI). Cancellation of the Bitcoin growth option will be a fall and a breakdown of the 3255 area. This will indicate a breakdown of the support area and a continued fall of BTC/USD with a potential target below the level of 1805. A confirmation of the development of the upward trend will be a breakdown of the resistance area and closing of quotations above 6555.
Bitcoin Forecast and Analysis March 23 — 27, 2020 suggests an attempt at the support area near the level of 4705. Then, the cryptocurrency will continue to grow to the area below the level of 8055. An additional signal in favor of the growth of the Bitcoin exchange rate will be the support line test on the relative strength index (RSI). Cancellation of the option to raise the Bitcoin cryptocurrency quotes will be a fall and a breakdown of the 3255 area. In this case, we should expect continued decline with the target at the level of 1805.