BTC/USD are trading at 22820 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 $439,761,560,366. Moving averages indicate a short-term bullish trend for Bitcoin. Prices have gone up from 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 8, 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 21205 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 27305 area.
Bitcoin Forecast February 8, 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 to raise the exchange rate and the cost of Bitcoin will be a fall in the value of the asset and a breakdown of the 19605 area. This will indicate a breakdown of the support area and a continued fall in the Bitcoin exchange rate with a potential target at 17305. 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 25805, which will indicate a breakdown of the upper border of the bullish channel, and this is a signal to increase the width of the channel.
Bitcoin Forecast February 8, 2023 suggests an attempt to test the support level near the area of 21205. And further, the cryptocurrency will continue to grow with a potential target at 27305. 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 19605 area. This will indicate a continued fall with a potential target below the 17305 area.
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