BTC/USD are trading at 25853 and continue to move as part of the growth and the bullish channel. The capitalization of the Bitcoin cryptocurrency at the time of the publication of the forecast is $503,045,469,578. Moving averages indicate a short-term bullish trend for Bitcoin. Prices have gone up from the area between the signal lines, 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 forecast for the cryptocurrency rate for tomorrow, March 16, 2023, we should expect an attempt to develop a correction in the value of a digital asset and a test of the support level near the area of 24305. From where we should again expect a rebound upwards and an attempt to continue the growth of the Bitcoin rate with a target above the area of 28455.
Bitcoin Forecast March 16, 2023
An additional signal in favor of the rise in 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 border of the bullish channel. Cancellation of the growth option for the exchange rate and the cost of Bitcoin will be a fall in the value of the asset and a breakdown of the 23305 area. This will indicate a breakdown of the support area and a continued fall in the Bitcoin exchange rate with a potential target at the level of 21305. A breakdown of the resistance area with the price fixing above the level of 27155 will confirm the growth of the asset price.
Bitcoin Forecast March 16, 2023 suggests an attempt to test the support level near the area of 24305. And then, the continued growth of the cryptocurrency with a potential target at the level of 28455. An additional signal in favor of the rise in the Bitcoin rate will be a test of the support line on the relative strength index (RSI). Cancellation of the digital currency growth option will be a breakdown of the 23305 area. This will indicate a continued fall with a potential target below the 21305 area.
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