Bitcoin BTC/USD completes the trading week at 9147 and continues to move as part of the correction and the formation of an inverted «Head and Shoulders» reversal pattern. 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 continued growth of the asset’s quotes. At the moment, we should expect an attempt to continue growth and test the resistance area near the level of 9705. 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 5655.
Bitcoin Forecast and Analysis July 20 — 24, 2020
An additional signal in favor of a fall in BTC/USD quotes in the current trading week on July 20 — 24, 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 Bitcoin reduction option will be a strong growth and a breakdown of the area of 10665, which will indicate the cancellation 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 11455. Confirmation of the development of a downward trend will be a breakdown of the support area and closing of quotations below 8005.
Bitcoin Forecast and Analysis July 20 — 24, 2020 suggests an attempt to the resistance area near the level of 9705. Then, the cryptocurrency will continue to fall to the area below the level of 5655. An additional signal in favor of the fall in the Bitcoin rate in the current 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 10665 area. In this case, we should expect a continuation of the rise with the target at 11455.