Bitcoin BTC/USD ends the trading week at the level of 61394, continues to move in the framework of the growth and the bullish 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 50055. 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 75055.
Bitcoin Forecast and Analysis October 18 — 22, 2021
An additional signal in favor of the growth of BTC/USD quotes in the current trading week on October 18 — 22, 2021 will be a rebound from the upper border of the descending channel. The second signal will be a rebound from the support line on the relative strength index (RSI). Cancellation of the Bitcoin growth option will be a fall and a breakdown of the 42505 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 30505. Confirmation of the development of the bullish movement will be the breakdown of the resistance area and closing of quotations above the level of 65055.
Bitcoin Forecast and Analysis October 18 — 22, 2021 supposes an attempt at a support area near the level of 50055. Then, the cryptocurrency will continue to rise to the area above the level of 75055. 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 42505 area. In this case, we should expect a continued decline with a target at 30505.
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