BTC/USD are trading at 47724 and continue to move as part of the decline 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 $898,019,170,564. Moving averages indicate a short-term sideways trend in Bitcoin. Prices have broken through 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 5, 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 42305 area. Where again should we expect a rebound and an attempt to raise the Bitcoin rate with a target above the 55805 area.
Bitcoin Forecast and Analysis BTC/USD October 5, 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 38605 area. This will indicate a breakdown of the support area and the continuation of the fall in the Bitcoin rate with a potential target at 32505. 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 50055, which will indicate a breakdown of the upper border of the ”Head and Shoulders” pattern.
Bitcoin Forecast and Analysis BTC/USD October 5, 2021 suggests an attempt to test the support level near the 42305 area. And further, the cryptocurrency will continue to grow with a potential target at 55805. 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 38605 area. This will indicate a continued fall with a potential target below the 32505 area.
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