BTC/USD quotes are trading at 66234 and continue to move within the correction and bullish channel. 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 growth in the value of the asset from current levels. As part of the forecast for the cryptocurrency rate for tomorrow, April 16, 2024, we should expect an attempt to develop a decline in the value of the digital asset and a test of the support level near the 61205 area. From where we should again expect a rebound upward and an attempt to continue the growth of the Bitcoin rate with a target above the 79905 area.
Bitcoin Forecast for April 16, 2024
An additional signal in favor of an increase in BTC/USD quotes will be a test of the support 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 increase the coin rate and the value of Bitcoin will be a fall in the value of the asset and a breakdown of the area of 58405. This will indicate a breakdown of the support area and a continued fall in the Bitcoin rate with a potential target at the level of 53405. Confirmation of the increase in the price of the asset will be a breakdown of the resistance area with the price consolidating above the level of 71055. which will indicate a breakdown of the upper boundary of the downward correction channel.
Bitcoin Forecast for April 16, 2024 assumes an attempt to test the support level near the area of 61205. And then, continued growth of the cryptocurrency with a potential target at the level of 79905. An additional signal in favor of an increase in the Bitcoin rate will be a test of the support line on the relative strength index. Cancellation of the growth option for the digital currency will be a breakdown of the 58405 area. This will indicate a continued fall of the coin with a potential target below the 53405 area.
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