BTC/USD are trading at 22381 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 $433,494,647,497. Moving averages indicate a short-term bullish trend for Bitcoin. Prices have broken through the area between the signal lines down, which indicates pressure from the sellers of Digital Gold and a potential continuation of the decline in the value of the asset already from current levels. As part of the forecast for the cryptocurrency rate for tomorrow, March 7, 2023, we should expect an attempt to develop a correction in the value of the digital asset and a test of the resistance level near the area of 23415. From where we should again expect a rebound down and an attempt to continue the fall of the Bitcoin rate with the target of the low area of 18705.
Bitcoin Forecast March 7, 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 lower boundary of the bullish channel, which was broken down by the sellers. Cancellation of the option to depreciate and cost of Bitcoin will be a strong increase in the value of the asset and a breakdown of the area of 24405. This will indicate a breakdown of the resistance area and continued growth of the Bitcoin rate with a potential target at the level of 27405. Confirmation of the fall in the price of the asset will be a breakdown of the support area with price fixing below the level of 20055, which will indicate a breakdown of the lower boundary of the “Double Top” reversal pattern and the beginning of the pattern with targets at the bottom.
Bitcoin Forecast March 7, 2023 suggests an attempt to test the resistance level near the area of 23415. And further, the cryptocurrency will continue to fall with a potential target at the level of 18705. 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 24405. This will indicate continued growth with a potential target above the area of 27405.
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