BTC/USD quotes are trading at 60653 and continue to move as part of the decline and formation of the “Wedge” reversal pattern. Moving averages indicate the presence of a short-term bearish trend for Bitcoin. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers 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 4, 2024, we should expect an attempt to develop a bearish correction in the value of the digital asset and a test of the support level near the 59305 area. From where we should again expect an upward rebound and an attempt to continue the growth of the Bitcoin rate with a target above the 64205 area.
Bitcoin Forecast and Analysis for October 4, 2024
An additional signal in favor of the growth of BTC/USD quotes will be a test of the support line on the relative strength indicator. The second signal in favor of this option will be a rebound from the lower border of the “Wedge” reversal pattern. The cancellation of the option with the rise in the coin rate and the cost of Bitcoin will be a fall in the asset value and a breakout of the 57605 area. This will indicate a breakout of the support area and a continuation of the fall in the Bitcoin rate with a potential target at 53665. Confirmation of the growth of the asset price will be a breakout of the resistance area with the price fixing above the 62065 mark, which will indicate a breakout of the upper border of the “Wedge” reversal pattern and the beginning of the pattern with targets at the top.
Bitcoin Forecast and Analysis for October 4, 2024 suggests an attempt to test the support level near the 59305 area. And then, the continuation of the growth of the cryptocurrency with a potential target at the level of 64205. An additional signal in favor of the rise in the Bitcoin rate will be a test of the support line on the relative strength indicator. The breakout of the 57605 area will cancel the option of the digital currency rise. This will indicate a continuation of the coin’s fall with a potential target below the 53665 mark.
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