BTC/USD are trading at 62252 and continue to move as part of the rise and the bullish channel. The capitalization of the Bitcoin cryptocurrency at the time of the publication of the forecast is $1,175,101,269,014. Moving averages indicate a short-term bullish trend for Bitcoin. Prices went up from the area between the signal lines up, which indicates pressure from buyers of “Digital Gold” and a potential continuation of the rise in the value of the asset already from the current levels. As part of the cryptocurrency rate forecast for tomorrow, October 20, 2021, we should expect an attempt to develop a decrease in the value of a digital asset and a test of the support level near the 59955 area. Where again should we expect a rebound and an attempt to raise the Bitcoin rate with a target above the 67255 area.
Bitcoin Forecast and Analysis BTC/USD October 20, 2021
An additional signal in favor of the growth of BTC/USD quotes will be a test of the rising trend line on the relative strength index (RSI). The second signal in favor of this option will be a rebound from the lower border of the bullish channel. Cancellation of the growth 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 a continuation of the fall in the Bitcoin rate with a potential target at 49505. 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 63405.
Bitcoin Forecast and Analysis BTC/USD October 20, 2021 suggests an attempt to test the support level near the area of 59955. And further, the cryptocurrency will continue to grow with a potential target at 67255. 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 cryptocurrency growth option will be a fall and a breakdown of the 56505 area. This will indicate a continued fall with a potential target below the 49505 area.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link