BTC/USD quotes are trading at 62296 and continue to move within the development of the correction and the bullish channel. 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 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 9, 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 61045 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 66255 area.
Bitcoin Forecast and Analysis for October 9, 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 bullish channel. The option with the rise in the coin rate and the value of Bitcoin will be cancelled if the asset value falls and the area of 58665 is broken. This will indicate a breakout of the support area and a continuation of the fall in the Bitcoin rate with a potential target at 54365. The growth of the asset price will be confirmed by a breakout of the resistance area with the price fixing above 64605, which will indicate a breakout of the upper boundary of the downward correction channel.
Bitcoin Forecast and Analysis for October 9, 2024 suggests an attempt to test the support level near the area of 61045. And then, the continuation of the growth of the cryptocurrency with a potential target at 66255. 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 58665 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 54365 mark.
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