The BTC/USD quotes are trading at 36184 and continue to move within the correction and rising channel. 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 the fall in the value of the asset from current levels. As part of the forecast for the cryptocurrency rate for tomorrow, November 16, 2023, we should expect an attempt to develop a decline in the value of the digital asset and a test of the support level near the 33465 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 42665 area.
Bitcoin Forecast for November 16, 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 bullish channel. 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 31065. 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 24785. Confirmation of the increase in the price of the asset will be a breakdown of the resistance area with the price consolidating above the level of 38305.
Bitcoin Forecast for November 16, 2023 assumes an attempt to test the support level near the area of 33465. And then, continued growth of the cryptocurrency with a potential target at the level of 42665. 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 digital currency growth option will be a breakdown of the 31065 area. This will indicate a continued fall of the coin with a potential target below the 24785 area.
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