The BTC/USD quotes are trading at 26184 and continue to move as part of a bullish correction and the formation of a “Triangle” pattern. The capitalization of the Bitcoin cryptocurrency at the time of publication of the forecast is $515,298,868,049. Moving averages indicate a short-term bearish 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, September 29, 2023, we should expect an attempt to develop a rise in the value of the digital asset and a test of the resistance level near the 27295 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 23405 area.
Bitcoin Forecast for September 29, 2023
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 “Triangle” model. Cancellation of the option of a fall in the coin exchange rate and the value of Bitcoin will be a strong increase in the value of the asset and a breakdown of the area of 28165. This will indicate a breakdown of the resistance area and continued growth of the Bitcoin rate with a potential target at the level of 31605. 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 24765 , which will indicate a breakdown of the lower border of the “Triangle” model and the beginning of the development of a pattern with targets below.
Bitcoin Forecast for September 29, 2023 assumes an attempt to test the resistance level near the area of 27295. And then, a continuation of the fall of the cryptocurrency with a potential target at the level of 23405. 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 digital currency fall option will be a breakdown of the 28165 area. This will indicate continued growth of the coin with a potential target above the 31605 area.
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