Bitcoin BTC/USD ends the trading week at the level of 9172 and continues to move as part of the correction and the formation of the reversal model of the inverted «Head and Shoulders». Moving averages indicate a bullish trend. Prices are testing the area between the signal lines, which indicates pressure from the buyers of the asset and the potential continuation of the growth of asset quotes. At the moment, we should expect an attempt to continue growth and test the resistance area near the level of 9355. Where again we should expect a rebound and the continuation of the fall of the Bitcoin rate with a potential target below 6525.
Bitcoin Forecast and Analysis July 13 — 17, 2020
An additional signal in favor of falling BTC/USD quotes in the current trading week July 13 — 17, 2020 will be a rebound from the resistance area on the price chart. The second signal will be a rebound from the trend line on the relative strength index (RSI). Cancellation of the option to reduce Bitcoin will be a strong growth and a breakdown of the area 11025, which will indicate the abolition of the formation of the «Head and Shoulders» model. This will indicate a breakdown of the resistance area and continued growth of BTC/USD quotes with a potential target above the level of 12705. A breakdown of the support area and closing of quotations below the level of 8005 will confirm the development of the downward trend.
Bitcoin Forecast and Analysis July 13 — 17, 2020 suggests an attempt at the resistance area near the level of 9355. Then, the cryptocurrency will continue to fall to the area below the level of 6525. An additional signal in favor of the Bitcoin depreciation in the current trading week will be the resistance line test on the relative strength index (RSI) . Cancellation of the option of falling Bitcoin cryptocurrency quotes will be a strong growth and a breakdown of the area of 11025. In this case, we should expect the continuation of the rise with the target at the level of 12705.