Bitcoin BTC/USD ends the trading week at the level of 60676, continues to move in the framework of the growth and the bullish channel. However, while above the local maximum, the quotes are in no hurry to go further up. 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 53255. Where can we again expect a rebound and a continuation of the rise in the Bitcoin rate with a potential target above the level of 76455.
Bitcoin Forecast and Analysis November 1 — 5, 2021
An additional signal in favor of the growth of BTC/USD quotes in the current trading week November 1 — 5, 2021 will be a rebound from the lower border of the bullish channel. The second signal will be a rebound from the support line on the relative strength index (RSI). Now the values of the RSI indicator are testing resistance, so it is too early to expect the growth of the cryptocurrency directly from the current levels. Cancellation of the Bitcoin growth option will be a fall and a breakdown of the 47005 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 37505. Confirmation of the development of the bullish movement will be the breakdown of the resistance area and closing of quotations above the level of 67055.
Bitcoin Forecast and Analysis November 1 — 5, 2021 suggests an attempt to support area near the level of 53255. Then, the cryptocurrency will continue to rise to the area above the level of 76455. An additional signal in favor of the growth of the Bitcoin rate in the current trading week will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to raise Bitcoin cryptocurrency quotes will be a fall and a breakdown of the 47005 area. In this case, we should expect a continued decline with a target at 37505.
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