Bitcoin BTC/USD ends the trading week at 23466, continues to move as part of the growth and the downward channel. Moving averages indicate a bearish trend. Prices are again testing the area between the signal lines, which indicates pressure from sellers of the asset and a potential continuation of the fall in asset quotes. At the moment, we should expect an attempt to develop a rise in the price of the coin and test the resistance area near the level of 26055. From where we should again expect a rebound down and a continued fall in the Bitcoin rate with a potential target below the level of 9105.
Bitcoin Forecast February 6 — 10, 2023
An additional signal in favor of a decrease in BTC/USD quotes in the current trading week February 6 — 10, 2023 will be a rebound from the upper border of the descending channel. The second signal will be a rebound from the resistance line on the relative strength index (RSI), as we see the indicator values returned below the line, which may indicate a false upward breakdown, which was quite recent. Cancellation of the fall option for Bitcoin will be a strong growth and a breakdown of the area of 33055. This will indicate a breakdown of the resistance area and continued growth of BTC/USD quotes with a potential target above the level of 37505. A confirmation of the development of the downward movement will be a breakdown of the support area and closing of quotes below the level of 21605, which will indicate breakdown of the lower border of the bullish correction channel.
Bitcoin Forecast February 6 — 10, 2023 3 suggests an attempt at the resistance area near the level of 26055. Then the cryptocurrency will continue to fall to the area below the level of 9105. An additional signal in favor of the Bitcoin rate depreciation in the current trading week will be a test of the trend line on the relative strength index (RSI). Cancellation of the option of falling Bitcoin cryptocurrency quotes will be a strong growth and a breakdown of the area of 33055. In this case, we should expect a continuation of the rise with the target at the level of 37505.
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