BTC/USD quotes are trading at 53983 and continue to move as part of the decline and the formation of the Head and Shoulders reversal pattern. Moving averages indicate 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 asset’s fall from current levels. As part of the cryptocurrency rate forecast for tomorrow, September 10, 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 53505 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 61105 area.
Bitcoin Forecast and Analysis for September 10, 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 Head and Shoulders reversal pattern. The cancellation of the option with the rise in the coin rate and the value of Bitcoin will be a fall in the value of the asset and a breakout of the 49805 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 44505. Confirmation of the growth of the asset price will be a breakout of the resistance area with the price fixing above the 57405 mark, which will indicate a breakout of the upper border of the descending correction channel.
Bitcoin Forecast and Analysis for September 10, 2024 suggests an attempt to test the support level near the 53505 area. And then, the continuation of the growth of the cryptocurrency with a potential target at 61105. 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 49805 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 44505 mark.
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