Bitcoin BTC/USD ends the trading week at the level of 56181 and continues to move within the development of a bearish correction and a bullish channel. The moving averages indicate the presence of a bullish trend. Prices have broken through the area between the signal lines downwards, which indicates pressure from asset sellers and a potential continuation of the asset’s fall. 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 level of 50405. From where we should again expect an upward rebound and continued growth of the Bitcoin rate with a potential target above the level of 78605.
Bitcoin Forecast and Analysis September 9 — 13, 2024
An additional signal in favor of the growth of BTC/USD quotes in the current trading week of September 9 — 13, 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 Bitcoin fall option can be cancelled if the price falls and breaks through the 47805 area. This will indicate a breakout of the support area and a continuation of the BTC/USD quotes fall with a potential target below 42255. The development of the bullish movement will be confirmed by a breakout of the resistance area and closing of quotes above 69865, which will indicate a breakout of the upper border of the downward correction channel.
Bitcoin Forecast and Analysis September 9 — 13, 2024 suggests an attempt to reach the support area near the 50405 level. Then, the cryptocurrency will continue to grow to the area above 78605. An additional signal in favor of the Bitcoin rate rise this trading week will be a test of the trend line on the relative strength indicator. The Bitcoin cryptocurrency quotes growth option can be cancelled if the price falls and breaks through the 47805 area. In this case, we should expect a continuation of the decline with a target at 42255.
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