BTC/USD are trading at 22036 and continue to move within the correction and the bullish channel. The capitalization of the Bitcoin cryptocurrency at the time of the publication of the forecast is $426,991,207,918. Moving averages indicate a short-term bullish trend for Bitcoin. Prices are again testing the area between the signal lines, which indicates pressure from buyers of Digital Gold and a potential continuation of the growth in the value of the asset already from current levels. As part of the cryptocurrency exchange rate forecast for tomorrow, February 16, 2023, we should expect an attempt to develop a correction in the value of a digital asset and a test of the support level near the 21405 area. From where we should again expect a rebound upwards and an attempt to continue the growth of the Bitcoin rate with a target above the 25905 area.
Bitcoin Forecast February 16, 2023
An additional signal in favor of the growth of 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 lower border of the bullish channel. Cancellation of the option of raising the exchange rate and the value of Bitcoin will be a fall in the value of the asset and a breakdown of the area of 19055. This will indicate a breakdown of the support area and a continued fall in the Bitcoin rate with a potential target at 17405. A confirmation of the growth in the price of the asset will be a breakdown of the resistance area with the price fixing above the level of 22905, which will indicate a breakdown of the upper boundary of the downward correction channel.
Bitcoin Forecast February 16, 2023 suggests an attempt to test the support level near the area of 21405. And further, the continued growth of the cryptocurrency with a potential target at the level of 25905. An additional signal in favor of the rise in the Bitcoin rate will be a test of the support line on the relative strength index (RSI). Cancellation of the digital currency growth option will be a breakdown of the 19055 area. This will indicate a continued fall with a potential target below the 17405 area.
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