BTC/USD are traded at 49490 and continue to move as part of the correction and the formation of the “Head and Shoulders” reversal pattern. Bitcoin cryptocurrency capitalization at the time of the publication of the forecast is $919,985,975,308. Moving averages indicate a short-term bullish trend for Bitcoin. Prices are again testing the area between the signal lines, which indicates pressure from buyers of “Digital Gold” and a potential continuation of the growth of the asset value from the current levels. As part of the cryptocurrency rate forecast for tomorrow, March 3, 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 45405 area. Where again should we expect a rebound and an attempt to raise the Bitcoin rate with a target above the 56855 area.
Bitcoin Forecast and Analysis BTC/USD March 3, 2021
An additional signal in favor of the growth of 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 “Head and Shoulders” reversal 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 42055. This will indicate a breakdown of the support area and the continuation of the fall in the Bitcoin rate with a potential target at 37055. With the breakdown of the resistance area and closing of cryptocurrency quotes above the level of 52065.
Bitcoin Forecast and Analysis BTC/USD March 3, 2021 suggests an attempt to test the support level near the 45405 area. And further, the cryptocurrency will continue to grow with a potential target at 56855. An additional signal in favor of the Bitcoin rate growth 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 42055 area. This will indicate a continued decline with a potential target below the 37055 area.
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