Bitcoin BTC/USD ends the trading week at 16845 and continues to move as part of the correction and the rising channel. Moving averages indicate a bullish trend. Prices went up from the area between the signal lines, which indicates pressure from 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 test the support area near the level of 15845. Where can we expect a rebound and continued growth in the Bitcoin rate with a potential target above the level of 24675.
Bitcoin Forecast and Analysis December 7 — 11, 2020
An additional signal in favor of raising the BTC/USD quotes in the current trading week of December 7 — 11, 2020 will be a rebound from the lower border of the ascending channel. The second signal will be a rebound from the support line on the RSI indicator. Cancellation of the Bitcoin growth option will be a fall and a breakdown of the 13105 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 11205. Confirmation of the development of an upward trend will be a breakdown of the resistance area and closing of quotes above the level of 21105.
Bitcoin Forecast and Analysis December 7 — 11, 2020 suggests an attempt at a support area near the level of 15845. Then, the cryptocurrency will continue to grow to the area above the level of 24675. 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 13105 area. In this case, we should expect a continued decline with a target at 11205.