Bitcoin BTC/USD ends the trading week at the level of 62190 and continues to move within the framework of the correction and bearish channel development. Moving averages indicate the presence of a bullish trend. Prices are testing the area between the signal lines, which indicates pressure from asset buyers and potential continued growth of the asset quotes. At the moment, we should expect an attempt to develop a bearish correction in the coin price and a test of the support area near the 58605 level. From where we should again expect an upward rebound and continued growth of the Bitcoin rate with a potential target above the 84045 level.
Bitcoin Forecast and Analysis October 14 — 18, 2024
An additional signal in favor of the growth of BTC/USD quotes in the current trading week of October 14 — 18, 2024 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 indicator (RSI). The cancellation of the Bitcoin fall option will be a fall and a breakout of the 49265 area. This will indicate a breakout of the support area and a continuation of the fall of BTC / USD quotes with a potential target below the level of 45575. Confirmation of the development of the bullish movement will be a breakout of the resistance area and closing of quotes above the level of 68565, which will indicate a breakout of the upper border of the descending correction channel.
Bitcoin Forecast and Analysis October 14 — 18, 2024 suggests an attempt to the support area near the level of 58605.Then, the continuation of the growth of the cryptocurrency to the area above the level of 84045. An additional signal in favor of the rise in the Bitcoin rate this trading week will be a test of the trend line on the relative strength indicator. The cancellation of the growth option of Bitcoin cryptocurrency quotes will be a fall and a breakout of the 49265 area. In this case, we should expect a continuation of the decline with a target at the level of 45575.
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