BTC/USD quotes are trading at 101992 and continue to move within the development of the correction and the formation of the “Triangle” model. Moving averages indicate the presence of a short-term bearish trend for Bitcoin. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers of “Digital Gold” and a potential continuation of the decline in the value of the asset from the current levels. As part of the cryptocurrency rate forecast for tomorrow, December 24, 2024, we should expect an attempt to develop growth in the value of the digital asset and a test of the resistance level near the 98275 area. From where we should again expect a rebound downwards and an attempt to continue the fall of the Bitcoin rate with a target below the 85605 area.
Bitcoin Forecast and Analysis for December 24, 2024
An additional signal in favor of a decrease in BTC/USD quotes will be a test of the resistance line on the relative strength indicator. The second signal in favor of this option will be a rebound from the upper border of the “Triangle” model. The cancellation of the option of falling coin rate and Bitcoin price will be a strong growth of the asset price and a breakout of the 100605 area. This will indicate a breakout of the resistance area and continued growth of the Bitcoin rate with a potential target at 105605. Confirmation of the asset price fall will be a breakout of the support area with the price fixing below 92405, which will indicate a breakout of the lower border of the “Triangle” pattern and the beginning of the pattern implementation with targets below.
Bitcoin Forecast and Analysis for December 24, 2024 suggests an attempt to test the resistance level near the 98275 area. And then, the continuation of the fall of the cryptocurrency with a potential target at 85605. An additional signal in favor of the decline in the Bitcoin rate will be a test of the resistance line on the relative strength indicator. The breakdown of the 100605 area will cancel the option of the digital currency falling. This will indicate continued growth of the coin with a potential target above the 105605 mark.
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