BTC/USD quotes are trading at 97548 and continue to move within the development of the correction and the bullish channel. Moving averages indicate the presence of a short-term upward trend for Bitcoin. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers of “Digital Gold” and potential continued growth in the asset’s value from current levels. As part of the cryptocurrency rate forecast for tomorrow, December 11, 2024, we should expect an attempt to develop a decrease in the value of the digital asset and a test of the support level near the 94505 area. From where we should again expect an upward rebound and an attempt to continue the growth of the Bitcoin rate with a target above the 114605 area.
Bitcoin Forecast and Analysis for December 11, 2024
An additional signal in favor of the growth of BTC/USD quotes will be a test of the broken trend line on the relative strength indicator. The second signal in favor of this option will be a rebound from the lower border of the bullish channel. The cancellation of the growth option for the coin rate and the value of Bitcoin will be a fall in the value of the asset and a breakout of the 91605 area. This will indicate a breakout of the support area and a continuation of the fall in the Bitcoin rate with a potential target at 84505. The growth of the asset price will be confirmed by a breakout of the resistance area with the price fixing above 102605, which will indicate a breakout of the upper border of the downward correction channel.
Bitcoin Forecast and Analysis for December 11, 2024 suggests an attempt to test the support level near the 94505 area. And then, the continuation of the growth of the cryptocurrency with a potential target at 114605. An additional signal in favor of the rise in the Bitcoin rate will be a test of the support line on the relative strength indicator. The breakout of the 91605 area will cancel the growth option for the digital currency. This will indicate a continued decline in the coin with a potential target below 84505.
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