BTC/USD are traded at 62030 and continue to move as part of the correction and the formation of the “Head and Shoulders” reversal pattern. The capitalization of the Bitcoin cryptocurrency at the time of the publication of the forecast is $1,177,828,016,773. Moving averages indicate a short-term bullish trend for Bitcoin. Prices went up from the area between the signal lines, 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 27, 2021 we should expect an attempt to develop a rise in the value of a digital asset and a test of the resistance level near the 63755 area. From where we should again expect a rebound down and an attempt to fall in the Bitcoin rate with a target below the 51505 area.
Bitcoin Forecast and Analysis BTC/USD October 27, 2021
An additional signal in favor of a fall in BTC/USD quotes will be a test of the downward trend line on the relative strength index (RSI). The second signal in favor of this variant will be a rebound from the upper border of the “Head and Shoulders” reversal pattern. Cancellation of the option to fall in the rate and value of Bitcoin will be a strong increase in the value of the asset and a breakdown of the 66505 area. This will indicate a breakdown of the resistance area and continued growth of the Bitcoin rate with a potential target at 71055. Confirmation of the fall in the price of the asset will be a breakdown of the support area with the price fixing below 58055, which will indicate the beginning of the reversal pattern development.
Bitcoin Forecast and Analysis BTC/USD October 27, 2021 suggests an attempt to test the resistance level near the 63755 area. And further, the cryptocurrency will continue to fall with a potential target at 51505. An additional signal in favor of the Bitcoin rate decline will be a test of the resistance line on the relative strength index (RSI). Cancellation of the cryptocurrency fall option will be a strong growth and a breakdown of the 66505 area. This will indicate a continued rise with a potential target above the 71055 area.
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