Bitcoin BTC/USD ends the trading week at 61524 and continues to move within the development of the correction and bearish channel. Moving averages indicate a bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from asset buyers and a potential continuation of the asset’s quotes growth. 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 53405. From where we should again expect an upward rebound and continued growth of the Bitcoin rate with a potential target above 76665.
Bitcoin Forecast and Analysis October 7 — 11, 2024
An additional signal in favor of the growth of BTC/USD quotes in the current trading week of October 7 — 11, 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 48865 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 45505. Confirmation of the development of the bullish movement will be a breakout of the resistance area and closing of quotes above the level of 68505, which will indicate a breakout of the upper border of the descending correction channel.
Bitcoin Forecast and Analysis October 7 — 11, 2024 suggests an attempt to the support area near the level of 53405. Then, the continuation of the growth of the cryptocurrency to the area above the level of 76665. 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 48865 area. In this case, we should expect a continuation of the decline with a target at the level of 45505.
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