BTC/USD quotes are trading at 64912 and continue to move as part of the decline and formation of the “Wedge” reversal pattern. Moving averages indicate a short-term bullish trend for Bitcoin. Prices have broken through the area between the signal lines, which indicates pressure from buyers of “Digital Gold” and potential continued growth in the asset’s value from current levels. As part of the cryptocurrency rate forecast for tomorrow, October 16, 2024, we should expect an attempt to develop growth in the value of the digital asset and a test of the resistance level near the 67265 area. From where we should again expect a downward rebound and an attempt to continue the fall of the Bitcoin rate with a target below the 56665 area.
Bitcoin Forecast and Analysis for October 16, 2024
An additional signal in favor of the fall of BTC/USD quotes will be a test of the resistance line on the relative strength indicator. The second signal in favor of this option will be a rebound from the upper border of the “Wedge” pattern. The cancellation of the option of reducing the coin rate and the cost of Bitcoin will be a strong increase in the value of the asset and a breakout of the 68965 area. This will indicate a breakout of the resistance area and a continuation of the rise in the Bitcoin rate with a potential target at 72505. Confirmation of the fall in the price of the asset will be a breakout of the support area with the price fixing below 58625, which will indicate a breakout of the lower border of the “Wedge” pattern and the beginning of the pattern with targets below.
Bitcoin Forecast and Analysis for October 16, 2024 suggests an attempt to test the resistance level near the 67265 area. And then, the continuation of the fall of the cryptocurrency with a potential target at 56665. An additional signal in favor of a decrease in the Bitcoin rate will be a test of the resistance line on the relative strength indicator. The breakdown of the 68965 area will cancel the option of the digital currency falling. This will indicate continued growth of the coin with a potential target above the 72505 mark.
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