BTC/USD are trading at 26879 and continue to move as part of the correction and the formation of a reversal pattern. The capitalization of the Bitcoin cryptocurrency at the time of the publication of the forecast is $547,076,394,511. 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 cryptocurrency rate forecast for tomorrow, March 31, 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 28765. 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 21055.
Bitcoin Forecast March 31, 2023
An additional signal in favor of a decrease 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 upper border of the ”Expanding Triangle” reversal pattern. Cancellation of the option to fall in the 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 31805. This will indicate a breakdown of the resistance area and continued growth of the Bitcoin rate with a potential target at 35605. The fall in the asset price will be confirmed by a breakdown of the support area with the price fixing below the level of 25965, which will indicate the completion of the formation of the double top reversal pattern.
Bitcoin Forecast March 31, 2023 suggests an attempt to test the resistance level near the area of 28765. And further, the cryptocurrency will continue to fall with a potential target at the level of 21055. 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 of falling digital currency will be a breakdown of the area of 31805. This will indicate continued growth with a potential target above the area of 35605.
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