Bitcoin BTC/USD ends the trading week at the level of 69563 and continues to move within the development of growth and left the bearish correction channel. Moving averages indicate the presence of a bullish trend. Prices have broken through the area between the signal lines upwards, which indicates pressure from asset buyers and potential continued growth of asset quotes. At the moment, we should expect an attempt to develop a bearish correction in the coin price and a test of the support area near the level of 67605. From where we should again expect an upward rebound and continued growth of the Bitcoin rate with a potential target above the level of 87965.
Bitcoin Forecast and Analysis November 4 — 8, 2024
An additional signal in favor of the growth of BTC/USD quotes in the current trading week of November 4 — 8, 2024 will be a rebound from the lower border of the bullish channel. The second signal will be a rebound from the support line on the relative strength indicator (RSI). The Bitcoin fall option can be cancelled if it falls and breaks through the 54265 area. This will indicate a breakout of the support area and a continuation of the BTC/USD quotes fall with a potential target below the 49205 level. The development of the bullish movement will be confirmed by a breakout of the resistance area and closing of quotes above the 71565 level.
Bitcoin Forecast and Analysis November 4 — 8, 2024 suggests an attempt to reach the support area near the 67605 level. Then, the cryptocurrency will continue to grow to the area above the 87965 level. An additional signal in favor of the Bitcoin rate rise this trading week will be a test of the trend line on the relative strength indicator. The Bitcoin cryptocurrency quotes growth option can be cancelled if it falls and breaks through the 54265 area. In this case, we should expect a continuation of the decline with a target at the 49205 level.
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