Bitcoin BTC/USD ends the trading week at 11306 and continues to move as part of the growth and the formation of the “Head and Shoulders” reversal pattern. 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 growth and test the resistance area near the level of 11605. Where can we expect a rebound again and the continuation of the fall in the Bitcoin rate with a potential target below the level of 7025.
Bitcoin Forecast and Analysis October 19 — 23, 2020
An additional signal in favor of a fall in BTC/USD quotes in the current trading week on October 19 — 23, 2020 will be a rebound from the upper border of the descending channel. The second signal will be the completion of the head and shoulders reversal pattern. Cancellation of the Bitcoin fall option will be a strong growth and a breakdown of the 12605 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 13205. Confirmation of the development of a downtrend will be a breakdown of the support area and closing of quotes below 9455.
Bitcoin Forecast and Analysis October 19 — 23, 2020 suggests an attempt at a resistance area near the level of 11605. Then, the cryptocurrency will continue to fall to the area below the level of 7025. An additional signal in favor of a decline in the Bitcoin rate this trading week will be a test of the resistance line on the relative strength index (RSI). Cancellation of the option of falling Bitcoin cryptocurrency quotes will be made by a strong growth and a breakdown of the 12605 area. In this case, we should expect a continuation of the rise with the target at 13205.