Bitcoin on very important SUPPORT - Could reach above 12 605$ !
Analysis for next week January 6 — 10, 2020
- BTC/USD ends the trading week at the level of 7344 and continues to move as part of the correction and the formation of the «Wedge» reversal model. Moving averages indicate a downward trend. Prices remain below the area between the signal lines, indicating pressure from sellers of the digital asset. At the moment, we should expect an attempt to continue the fall and test the support area near the level of 6565. Where again we should expect a rebound and continued growth of the Bitcoin rate with a potential target above the level of 12605.
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- In favor of raising BTC/USD quotes in the current trading week January 6 — 10, 2020, a rebound from the lower boundary of the «Wedge» model will come out. The second signal will be a rebound from the ascending trend line on the relative strength index (RSI). Cancellation of the Bitcoin growth option will be a fall and a breakdown of the lower boundary of the channel and a continuation of the fall of BTC/USD with a potential target below the level of 4005. A confirmation of the development of an upward trend will be a breakdown of the upper boundary of the «Wedge» model and closing quotes above 8355.
- Analysis January 6 — 10, 2020 suggests an attempt at the support area near the level of 6565. Then, the cryptocurrency will continue to grow to the area below the level of 12605. An additional signal in favor of the growth of the Bitcoin exchange rate will be the support line test on the relative strength index (RSI). Cancellation of the option of raising the Bitcoin cryptocurrency quotes will be a fall and a breakdown of the area 4905. In this case, we should expect continued decline with a target at the level of 4005.
Mention: This is not FINANCIAL ADVICE! Just EDUCATIONAL ANALYSIS!
- BTC/USD ends the trading week at the level of 7344 and continues to move as part of the correction and the formation of the «Wedge» reversal model. Moving averages indicate a downward trend. Prices remain below the area between the signal lines, indicating pressure from sellers of the digital asset. At the moment, we should expect an attempt to continue the fall and test the support area near the level of 6565. Where again we should expect a rebound and continued growth of the Bitcoin rate with a potential target above the level of 12605.
- Hope you guys you support our work with a like and share of this post! Also don't foreget to follows us! :)
You can motivate us to post more analysis cryptocurrency charts! Thank you! ,)
- In favor of raising BTC/USD quotes in the current trading week January 6 — 10, 2020, a rebound from the lower boundary of the «Wedge» model will come out. The second signal will be a rebound from the ascending trend line on the relative strength index (RSI). Cancellation of the Bitcoin growth option will be a fall and a breakdown of the lower boundary of the channel and a continuation of the fall of BTC/USD with a potential target below the level of 4005. A confirmation of the development of an upward trend will be a breakdown of the upper boundary of the «Wedge» model and closing quotes above 8355.
- Analysis January 6 — 10, 2020 suggests an attempt at the support area near the level of 6565. Then, the cryptocurrency will continue to grow to the area below the level of 12605. An additional signal in favor of the growth of the Bitcoin exchange rate will be the support line test on the relative strength index (RSI). Cancellation of the option of raising the Bitcoin cryptocurrency quotes will be a fall and a breakdown of the area 4905. In this case, we should expect continued decline with a target at the level of 4005.
Mention: This is not FINANCIAL ADVICE! Just EDUCATIONAL ANALYSIS!
Trade closed: target reached
DERYMEXCRYPTO