Bitcoin BTC/USD ends the trading week at 9661 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 pierced the area between the signal lines up, 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 10055. Where again we should expect a rebound and the continuation of the fall of the Bitcoin rate with a potential target below 6555.
Bitcoin Forecast and Analysis June 8 — 12, 2020
An additional signal in favor of falling BTC/USD quotes in the current trading week June 8 — 12, 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 of 11005. This will indicate a breakdown of the resistance area and continued growth of BTC/USD quotes with a potential target above 12205. A breakdown of the support area and closing of quotations below the level of 8605 will confirm the development of a downward trend.
Bitcoin Forecast and Analysis June 8 — 12, 2020 suggests an attempt at the resistance area near the level of 10055. Then, the cryptocurrency will continue to fall to the area below the level of 6555. An additional signal in favor of the Bitcoin exchange rate depreciation in the current trading week will be the resistance line test on the relative strength index (RSI). Cancellation of the option of falling quotes of the Bitcoin cryptocurrency will be a strong growth and a breakdown of the area of 11005. In this case, we should expect a continuation of the rise with the target at the level of 12205.