Bitcoin BTC/USD ends the trading week at the level of 30846 and continues to move as part of a strong correction and an upward channel. Moving averages indicate a bullish trend. Traders are in a panic and expect a collapse similar to the beginning of 2018. Prices are still up from the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of the growth of the asset’s quotes. At the moment, we should expect an attempt to develop a correction and test the support area near the level of 27005. Where can we expect a rebound and continued growth in the Bitcoin rate with a potential target above the level of 48055.
Bitcoin Forecast and Analysis January 25 — 29, 2021
An additional signal in favor of raising the BTC/USD quotes in the current trading week, the week January 25 — 29, 2021 will be a rebound from the lower border of the ascending channel. The second signal will be a rebound from the long-term support line on the RSI indicator. Cancellation of the Bitcoin growth option will be a fall and a breakdown of the area of 24505. This will indicate a breakdown of the support area and a continued fall in BTC/USD quotes with a potential target below the level of 12505. Confirmation of the development of an upward trend will be a breakdown of the resistance area and closing of quotes above the level of 37005.
Bitcoin Forecast and Analysis January 25 — 29, 2021 suggests an attempt to support the support area near the level of 27005. Then, the cryptocurrency will continue to grow to the area above the level of 48055. An additional signal in favor of the Bitcoin rate rise in the current trading week will be a test of the support line on the relative strength. Cancellation of the growth option for Bitcoin cryptocurrency quotes will be a fall and a breakdown of the 24505 area. In this case, we should expect a continued decline with a target at 12505.
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