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Bitcoin Forecast and Analysis October 12 — 16, 2020

Bitcoin BTC/USD ends the trading week at 11055 and continues to move as part of the growth. Moving averages indicate a bullish trend. Prices are testing the areas between the signal lines, which indicates pressure from the buyers of the asset and the potential continued growth of the asset’s quotes. At the moment, we should expect an attempt to develop a correction and a test of the support area near the level of 9855. Where can we again expect a rebound and continued growth in the Bitcoin rate with a potential target above the level of 13965.

Bitcoin Forecast and Analysis October 12 — 16, 2020

An additional signal in favor of the growth of BTC/USD quotes in the current trading week of October 12 — 16, 2020 will be a rebound from the upper border of the descending channel. The second signal will be a rebound from the support line on the relative strength index (RSI). Cancellation of the Bitcoin growth option will be a fall and a breakdown of the 8245 area. This will indicate a breakdown of the support area and a continued fall in BTC/USD quotes with a potential target below the level of 6755. Confirmation of the development of an upward trend will be a breakdown of the resistance area and closing of quotes above the level of 12505.

Bitcoin Forecast and Analysis October 12 — 16, 2020

Bitcoin Forecast and Analysis October 12 — 16, 2020 suggests an attempt at a support area near the level of 9855. Then, the cryptocurrency will continue to grow to the area above the level of 13965. An additional signal in favor of the Bitcoin rate rise in the current trading week will be a test of the support line on the relative strength index (RSI). Cancellation of the growth option for Bitcoin cryptocurrency quotes will be a fall and a breakdown of the 8245 area. In this case, we should expect a continuation of the fall with the target at 6755.

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