BTC/USD are trading at 29490 and continue to move within the correction and the downward channel. The capitalization of the Bitcoin cryptocurrency at the time of the publication of the forecast is $564,564,556,312. Moving averages indicate the presence of a short-term downward trend for Bitcoin. Prices have broken through the area between the signal lines down, which indicates pressure from the sellers of “Digital Gold” and a potential continuation of the fall in the value of the asset already from current levels. As part of the cryptocurrency exchange rate forecast for tomorrow, June 8, 2022, we should expect an attempt to develop an increase in the value of a digital asset and a test of the resistance level near the 29605 area. From where we should again expect a rebound down and an attempt to continue the fall of the Bitcoin rate with a target below the 22565 area.
Bitcoin Forecast BTC/USD June 8, 2022
An additional signal in favor of falling BTC/USD quotes will be a test of the trend line on the relative strength index (RSI). The second signal in favor of this option will be a rebound from the upper border of the descending channel. Cancellation of the option of falling in the exchange rate and the cost of Bitcoin will be a strong increase in the value of the asset and a breakdown of the area of 35405. This will indicate a breakdown of the resistance area and continued growth of the Bitcoin rate with a potential target at 38405. The fall in the asset price will be confirmed by a breakdown of the support area with the price fixing below the level of 29355, which will indicate a breakdown of the lower boundary of the bullish correction channel.
Bitcoin Forecast BTC/USD June 8, 2022 suggests an attempt to test the resistance level near the area of 29605. And further, the cryptocurrency will continue to fall with a potential target at 22565. 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 of the asset and a breakdown of the 35405 area. This will indicate a continuation of the rise with a potential target above the 38405 area.
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