BTC/USD are trading at 17242 and continue to move within the correction and left the bullish channel. The capitalization of the Bitcoin cryptocurrency at the time of the publication of the forecast is $331,919,278,732. Moving averages indicate a short-term bearish trend for Bitcoin. Prices have broken through the area between the signal lines up, which indicates pressure from buyers of Digital Gold and a potential continuation of the growth in the value of the asset already from current levels. As part of the cryptocurrency rate forecast for tomorrow, January 11, 2023, we should expect an attempt to develop a rise in the value of a digital asset and a test of the resistance level near the area of 17565. From where we should again expect a rebound down and an attempt to continue the fall of the Bitcoin rate with a target below the area of 15305.
Bitcoin Forecast January 11, 2023
An additional signal in favor of falling 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 bullish channel, which was broken down by the sellers. Cancellation of the option of falling in the exchange rate and the cost of Bitcoin will be a strong increase in the value of the asset and a breakdown of the area of 18675. This will indicate a breakdown of the resistance area and continued growth of the Bitcoin rate with a potential target at 21605. A confirmation of the fall in the price of the asset will be a breakdown of the support area with the price fixing below the level of 15605.
Bitcoin Forecast January 11, 2023 suggests an attempt to test the resistance level near the area of 17565. And further, the cryptocurrency will continue to fall with a potential target at 15305. An additional signal in favor of the Bitcoin rate decline will be a test of the resistance line on the relative strength index (RSI). Cancellation of the option to reduce the digital currency will be a breakdown of the area of 18675. This will indicate a continuation of the rise with a potential target above the area of 21605.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
