BTC/USD quotes are trading at 66878 and continue to move as part of the correction and the formation of the “Head and Shoulders” reversal pattern. Moving averages indicate a short-term bullish trend for Bitcoin. Prices have broken through the area between the signal lines upward, 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 cryptocurrency rate forecast for tomorrow, March 22, 2024, we should expect an attempt to develop a bearish correction in the value of the digital asset and a test of the support level near the 62865 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 74365 area.
Bitcoin Forecast for March 22, 2024
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 upper border of the bearish 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 58605. This will indicate a breakdown of the support area and a continuation of the fall in the Bitcoin rate with a potential target at the level of 54655. 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 70405, which will indicate a breakdown of the upper border of the “Head and Shoulders” reversal pattern and the beginning of a development and pattern with targets at the top.
Bitcoin Forecast for March 22, 2024 assumes an attempt to test the support level near the area of 62865. And then, continued growth of the cryptocurrency with a potential target at the level of 74365. 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 58605 area. This will indicate a continued decline in the coin with a potential target below the 54655 area.
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