The BTC/USD quotes are trading at 42982 and continue to move as part of the growth and formation of the “Triangle” pattern. 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 fall in the value of the asset from current levels. As part of the cryptocurrency rate forecast for tomorrow, December 29, 2023, we should expect an attempt to develop a correction in the value of the digital asset and a test of the support level near the 42565 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 49605 area.
Bitcoin Forecast for December 29, 2023
An additional signal in favor of growth 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 “Triangle” model. Cancellation of the option to raise 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 38505. 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 35665. Confirmation of an increase in the price of the asset will be a breakdown of the resistance area with the price consolidating above the level of 45405, which will indicate a breakdown of the upper border of the “Triangle” model and the beginning of the development of a pattern with targets at the top.
Bitcoin Forecast for December 29, 2023 assumes an attempt to test the support level near the area of 42565. And then, the continued fall of the cryptocurrency with a potential target at the level of 49605. An additional signal in favor of the growth of the Bitcoin rate will be a test of the support line on the relative strength index. Cancellation of the option to raise the digital currency will be a breakdown of the 38505 area. This will indicate a continued fall of the coin with a potential target below the 35665 area.
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