BTC/USD are trading at 16524 and continue to move as part of the development of the correction and the formation of the “Triangle” model. The capitalization of the Bitcoin cryptocurrency at the time of the publication of the forecast is $318,424,388,782. Moving averages indicate a short-term bearish 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, November 18, 2022, 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 16965. 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 12805.
Bitcoin Forecast November 18, 2022
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 upper border of the “Triangle” model. Cancellation of the option of falling 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 18505. This will indicate a breakdown of the resistance area and continued growth of the Bitcoin exchange rate with a potential target at 21065. The fall in the asset price will be confirmed by a breakdown of the support area with the price fixing below the level of 15055, which will indicate a breakdown of the lower boundary of the “Triangle” model and the beginning of the pattern with targets at the bottom.
Bitcoin Forecast November 18, 2022 suggests an attempt to test the resistance level near the area of 16965. And then, the cryptocurrency will continue to fall with a potential target at 12805. An additional signal in favor of the Bitcoin price 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 18505. This will indicate a continuation of the rise with a potential target above the area of 21065.
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