BTC/USD are trading at 60873 and continue to move as part of the correction and the downward channel. The capitalization of the Bitcoin cryptocurrency at the time of the publication of the forecast is $1,148,317,160,063. Moving averages indicate a short-term bearish trend for Bitcoin. Prices are again testing the area between the signal lines, which indicates pressure from the sellers of ”Digital Gold” and a potential continuation of the fall in the value of the asset from the current levels. As part of the cryptocurrency rate forecast for tomorrow, October 29, 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 62505 area. Where can we expect a rebound down again and an attempt to fall in the Bitcoin rate with a target below the 55405 area.
Bitcoin Forecast and Analysis BTC/USD October 29, 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 option will be a rebound from the upper curtain of the descending channel. Cancellation of the option to fall in the rate and value of Bitcoin will be a strong growth in the value of the asset and a breakdown of the area of 65255. This will indicate a breakdown of the resistance area and continued growth of the Bitcoin rate with a potential target at 70055. Confirmation of the fall in the price of the asset will be a breakdown of the support area with the price fixing below 58005.
Bitcoin Forecast and Analysis BTC/USD October 29, 2021 suggests an attempt to test the resistance level near the 62505 area. And further, the cryptocurrency will continue to fall with a potential target at 55405. 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 65255 area. This will indicate a continued rise with a potential target above the 70055 area.
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