BTC/USD are trading at 59485 and continue to move as part of the correction and the bullish channel. There are risks of formation of the “Head and Shoulders” reversal pattern. The capitalization of the Bitcoin cryptocurrency at the time of the publication of the forecast is $ 1,113,235,054,178. Moving averages indicate a short-term bullish trend for Bitcoin. Prices have broken through the area between the signal lines downward, which indicates pressure from the sellers of ”Digital Gold” and a potential continuation of the fall in the value of the asset already from the current levels. As part of the cryptocurrency rate forecast for tomorrow, November 19, 2021, we should expect an attempt to develop a growth in the value of a digital asset and a test of the resistance level near the 64545 area. Where can we expect a rebound down again and an attempt to continue the fall in the Bitcoin rate with a target below the 47355 area.
Bitcoin Forecast and Analysis November 19, 2021
An additional signal in favor of a fall in BTC/USD quotes will be a test of the broken trend line on the relative strength index (RSI). The second signal in favor of this variant will be a rebound from the upper border of the “Head and Shoulders” reversal pattern. Cancellation of the option to drop the Bitcoin rate and value will be a strong growth in the value of the asset and a breakdown of the 69655 area. This will indicate a breakdown of the resistance area and continued growth of the Bitcoin rate with a potential target at 73505. Confirmation of the fall in the price of the asset will be a breakdown of the support area with the price fixing below 55355.
Bitcoin Forecast and Analysis November 19, 2021 suggests an attempt to test the resistance level near the 64545 area. And further, the cryptocurrency will continue to fall with a potential target at 47355. An additional signal in favor of the Bitcoin rate decline will be a test of the resistance line on the relative strength index (RSI). Cancellation of the cryptocurrency fall option will be a strong growth and a breakdown of the 69655 area. This will indicate a continued rise with a potential target above the 73505 area.
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