BTC/USD are trading at 26429 and continue to move as part of the fall and the bearish channel. The capitalization of the Bitcoin cryptocurrency at the time of the publication of the forecast is $513,777,974,083. Moving averages indicate a short-term bearish trend for Bitcoin. Prices broke down the area between the signal lines down, which indicates pressure from the sellers of “Digital Gold” and a potential continuation of the fall in the value of the asset already from current levels. As part of the cryptocurrency exchange rate forecast for tomorrow, June 9, 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 area of 26075. 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 area of 29095.
Bitcoin Forecast for June 9, 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 boundary of the Head and Shoulders reversal pattern. Cancellation of the option of raising the rate of the coin and the value of Bitcoin will be a fall in the value of the asset and a breakdown of the area of 25055. This will indicate a breakdown of the support area and a continued fall in the rate of Bitcoin with a potential target at the level of 22405. 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 27705, which will indicate a breakdown of the upper boundary of the descending channel.
Bitcoin Forecast for June 9, 2023 suggests an attempt to test the resistance level near the area of 26075. And further, the cryptocurrency will continue to fall with a potential target at 29095. 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 25055. This will indicate a continued growth of the coin with a potential target above the area of 22405.
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