BTC/USD are trading at 28043 and continue to move as part of the correction and the formation of a reversal pattern. The capitalization of the Bitcoin cryptocurrency at the time of the publication of the forecast is $540,428,466,431. 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, April 7, 2023, we should expect an attempt to develop a rise in the value of a digital asset and a test of the resistance level near the 28365 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 19305 area.
Bitcoin Forecast for April 7, 2023
An additional signal in favor of a decrease in 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 upper border of the ”Expanding Triangle” reversal pattern. Cancellation of the option of falling 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 area of 31465. This will indicate a breakdown of the resistance area and continued growth of the Bitcoin exchange rate with a potential target at 35655. Confirmation of the fall in the price of the asset will be a breakdown of the support area with the price fixing below the level of 25405, which will indicate the completion of the formation of the double top reversal pattern.
Bitcoin Forecast for April 7, 2023 suggests an attempt to test the resistance level near the area of 28365. And further, the cryptocurrency will continue to fall with a potential target at the level of 19305. 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 option of falling digital currency will be a breakdown of the area of 31465. This will indicate continued growth with a potential target above the area of 35655.
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