Bitcoin BTC/USD ends the trading week at 37181, continues to move within the fall and the downtrend channel. Moving averages indicate a bullish trend. However, prices broke through the area between the signal lines downward, which indicates pressure from the sellers of the asset and a potential continuation of the fall in the asset’s quotes. At the moment, we should expect an attempt to develop a rise and test the resistance area near the level of 39405. Where can we expect a rebound again and a continuation of the fall in the Bitcoin rate with a potential target below the level of 17555.
Bitcoin Forecast and Analysis June 14 — 18, 2021
An additional signal in favor of a fall in BTC/USD quotes in the current trading week, the week of June 14 — 18, 2021 will be a rebound from the upper border of the descending channel. The second signal will be a rebound from the downtrend line on the relative strength index (RSI). Cancellation of the Bitcoin decline option will be a strong growth and a breakdown of the area of 47005. This will indicate a breakdown of the resistance area and a continued rise in BTC/USD quotes with a potential target above the level of 62505. Confirmation of the development of a downward movement will be a breakdown of the support area and closing of quotations below the level of 25605, which will indicate breakdown of the lower boundary of the ”Triangle” model.
Bitcoin Forecast and Analysis June 14 — 18, 2021 suggests an attempt at a resistance area near the level of 39405. Then, the cryptocurrency will continue to fall to the area below the level of 17555. An additional signal in favor of a decline in the Bitcoin rate in the current trading week will be a test of the trend line on the relative strength. Cancellation of the option to reduce Bitcoin cryptocurrency quotes will be a strong growth and a breakdown of the 47005 area. In this case, we should expect a continuation of the rise with the target at 62505.