BTC/USD are trading at 34369 and continue to move as part of the correction and the formation of a bullish “Wolfe Wave.” Cryptocurrency capitalization at the time of the publication of the forecast is $638,093,437,242. Moving averages indicate the presence of a short-term bearish trend for Bitcoin. Prices are retesting the area between the signal lines , which indicates pressure from the sellers of “Digital Gold” and the potential continuation of the fall in the value of the asset already from the current levels. As part of the cryptocurrency rate forecast for tomorrow, February 2, 2021, we should expect an attempt to develop a correction in the value of a digital asset and test the support level near the 32565 area. again we should expect a rebound and an attempt to increase the Bitcoin rate with a target above the 41565 area.
Bitcoin Forecast and Analysis BTC/USD February 2, 2021
An additional signal in favor of raising the BTC/USD quotes will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the ascending channel. Cancellation of the option to raise the rate and value of Bitcoin will be a fall in the value of the asset and a breakdown of the 29805 area. This will indicate a breakdown of the support area and a continued decline in the Bitcoin exchange rate with a potential target at 25605. With the breakdown of the resistance area and closing of cryptocurrency quotes above 39405.
Bitcoin Forecast and Analysis BTC/USD February 2, 2021 implies an attempt to test the support level near the area of 32565. And further, the cryptocurrency will continue to grow with a potential target at 41565. An additional signal in favor of the Bitcoin rate rise will be a test of the support line on the relative strength index (RSI). Cancellation of the growth option for cryptocurrency will be a fall and a breakdown of the 29805 area. This will indicate a continued decline with a potential target below the 25605 area.
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