The BTC/USD quotes are trading at the level of 34227 and continue to move as part of the correction and the formation of the “Triangle” pattern. The capitalization of the Bitcoin cryptocurrency at the time of publication of the forecast is $725,310,618,784. 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, October 31, 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 area of 33405. 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 area of 38885.
Bitcoin Forecast for October 31, 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 32505. 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 28605. 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 36165. which will indicate a breakdown of the upper boundary of the “Triangle” model and the beginning of the development of the model with targets at the top.
Bitcoin Forecast for October 31, 2023 assumes an attempt to test the support level near the area of 33405. And then, continued growth of the cryptocurrency with a potential target at the level of 38885. 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 32505 area. This will indicate a continued fall of the coin with a potential target below the 28605 area.
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