Bitcoin BTC/USD ends the trading week at the level of 47108 and continues to move as part of the correction and the ascending channel. Moving averages indicate a bullish trend. Prices went up from the area between the signal lines, which indicates pressure from the buyers of the asset and the potential continued growth of the asset’s quotes. At the moment, we should expect an attempt to develop a correction and a test of the support area near the level of 41625. Where can we again expect a rebound and continued growth in the Bitcoin rate with a potential target above the level of 62505.
Bitcoin Forecast and Analysis March 8 — 12, 2021
An additional signal in favor of raising the BTC/USD quotes in the current trading week, the week March 8 — 12, 2021 will be a rebound from the lower border of the ascending channel. The second signal will be a rebound from the support line on the indicator relative to the strength (RSI). Cancellation of the Bitcoin growth option will be a fall and a breakdown of the 34705 area. 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 29605. Confirmation of the development of an upward trend will be a breakdown of the resistance area and closing of quotes above the level of 55105.
Bitcoin Forecast and Analysis March 8 — 12, 2021 assumes an attempt to support the support area near the level of 41625. Then, the cryptocurrency will continue to grow to the area above the level of 62505. 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 34705 area. In this case, we should expect a continued decline with a target at 29605.
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