BTC/USD are traded at 62038 and continue to move as part of the correction and the formation of the ”Triangle” pattern. Bitcoin cryptocurrency capitalization at the time of the publication of the forecast is $1,171,768,822,081. Moving averages indicate a short-term sideways trend in Bitcoin. Prices have broken through the area between the signal lines upwards, 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, November 2, 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 59055 area. Where can we expect an upward rebound and an attempt to continue the growth of the Bitcoin rate with a target above the 70505 area.
Bitcoin Forecast and Analysis BTC/USD November 2, 2021
An additional signal in favor of raising the BTC/USD quotes will be a test of the bullish trend line on the relative strength index (RSI). The second signal in favor of this option 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 56505. This will indicate a breakdown of the support area and the continuation of the fall in the Bitcoin rate with a potential target at 52055. Confirmation of the rise in the price of the asset will be a breakdown of the resistance area with the price fixing above the level of 63505, which will also indicate a breakdown of the upper border of the ”Triangle” model.
Bitcoin Forecast and Analysis BTC/USD November 2, 2021 suggests an attempt to test the support level near the area of 59055. And further, the cryptocurrency will continue to grow with a potential target at 70505. 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 option to raise the cryptocurrency will be a fall and a breakdown of the 56505 area. This will indicate a continued decline with a potential target below the 52055 area.
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