BTC/USD are trading at 31471 and continue to move as part of the correction and the formation of a bullish “Wolfe Wave”, 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 forecast of the cryptocurrency rate for tomorrow, January 29, 2021, we should expect an attempt to develop a correction in the value of a digital asset and test the support level near the 27755 area. again, we should expect a rebound and an attempt to increase the Bitcoin rate with a target above the 36565 area.
Bitcoin Forecast and Analysis BTC/USD January 29, 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 “Wolfe Wave” pattern. 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 24905. This will indicate a breakdown of the support area and a continued decline in the Bitcoin exchange rate with a potential target at 22505. With the breakdown of the resistance area and closing of cryptocurrency quotes above the level of 33405.
Bitcoin Forecast and Analysis BTC/USD January 29, 2021 suggests an attempt to test the support level near the area of 27755. And further, the cryptocurrency will continue to grow with a potential target at 36565. 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 24905 area. This will indicate a continued decline with a potential target below the 22505 area.
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