BTC/USD are trading at 43451 and continue to move as part of the fall and the formation of the “Triangle” model. The capitalization of the Bitcoin cryptocurrency at the time of the publication of the forecast is $735,331,630,103. Moving averages indicate a short-term bearish trend for Bitcoin. Prices broke down the area between the signal lines, 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 rate forecast for tomorrow, March 8, 2022, we should expect an attempt to develop a correction in the value of a digital asset and a test of the resistance level near the 43505 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 26455 area.
Bitcoin Forecast BTC/USD March 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, while the values are repelled from the oversold area. The second signal in favor of this option will be a rebound from the upper border of the Triangle pattern. Cancellation of the option to fall 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 48205 area. This will indicate a breakdown of the resistance area and continued growth of the Bitcoin exchange rate with a potential target at 54055. The fall in the asset price will be confirmed by a breakdown of the support area with the price fixing below the level of 32505, which will indicate a breakdown of the lower boundary of the “Triangle” model.
Bitcoin Forecast BTC/USD March 8, 2022 suggests an attempt to test the resistance level near the area of 43505. And further, the cryptocurrency will continue to fall with a potential target at 26455. An additional signal in favor of the Bitcoin price 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 and a breakdown of the 48205 area. This will indicate a continuation of the rise with a potential target above the 54055 area.
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