BTC/USD are trading at the level of 31416 and continue to move within the correction and the downward channel. The capitalization of the Bitcoin cryptocurrency at the time of the publication of the forecast is $593,104,817,905. Moving averages indicate a short-term bearish trend for Bitcoin. Prices have broken through the area between the lines down, which indicates pressure from the sellers of Digital Gold and a potential continuation of the fall in the asset value from the current levels. As part of the cryptocurrency rate forecast for tomorrow, January 27, 2021, we should expect an attempt to develop a correction in the value of a digital asset and a test of the support level near the area of 27055. Where can we again expect a rebound and an attempt to grow the Bitcoin rate with a target above the area of 39505.
Bitcoin Forecast and Analysis BTC/USD January 27, 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 upper border of the descending 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 area of 25605. This will indicate a breakdown of the support area and a continued decline in the Bitcoin rate with a potential target at 22505. With a breakdown of the resistance area and closing of cryptocurrency quotes above the level of 35675, which will indicate completion formation of the “Double Bottom” reversal pattern.
Bitcoin Forecast and Analysis BTC/USD January 27, 2021 suggests an attempt to test the support level near the area of 27055. And further, the cryptocurrency will continue to grow with a potential target at 39505. An additional signal in favor of raising the Bitcoin rate will be a test of the support line on the relative strength index (RSI). Cancellation of the cryptocurrency growth option will be a fall and a breakdown of the area of 25605. This will indicate a continued decline with a potential target below the area of 22505.
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