BTC/USD quotes are trading at 65708 and continue to move within the correction and bearish channel. Moving averages indicate a short-term bullish trend for Bitcoin. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers 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, June 18, 2024, we should expect an attempt to develop an increase in the value of the digital asset and a test of the resistance level near the 66405 area. From where we should again expect a downward rebound and an attempt to continue the fall of the Bitcoin rate with a target below the 59605 area.
Bitcoin Forecast for June 18, 2024
An additional signal in favor of a fall in BTC/USD quotes will be a test of the resistance 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 downward channel. Cancellation of the option to reduce the rate of the coin and the value of Bitcoin will be a strong increase in the value of the asset and a breakdown of the area of 68505. This will indicate a breakdown of the resistance area and continued growth of the Bitcoin rate with a potential target at the level of 72505. Confirmation of the fall in the price of the asset will be a breakdown of the support area with the price consolidating below the level of 64505 .
Bitcoin Forecast for June 18, 2024 assumes an attempt to test the resistance level near the area of 66405. And then, a continuation of the fall of the cryptocurrency with a potential target at the level of 59605. An additional signal in favor of a decrease in the Bitcoin rate will be a test of the resistance line on the relative strength index (RSI). Cancellation of the option for the digital currency to fall will be a breakdown of the 68505 area. This will indicate a continued rise of the coin with a potential target above the 72505 area.
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