BTC/USD are trading at 20466 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 $392,509,789,375. Moving averages indicate a short-term bullish 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 exchange rate forecast for tomorrow, November 3, 2022, we should expect an attempt to develop an increase in the value of a digital asset and a test of the resistance level near the 20805 area. 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 16905 area.
Bitcoin Forecast November 3, 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 pattern. 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 22455. This will indicate a breakdown of the resistance area and continued growth of the Bitcoin rate with a potential target at 25655. 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 17465, 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 3, 2022 suggests an attempt to test the resistance level near the area of 20805. And further, the cryptocurrency will continue to fall with a potential target at 16905. 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 22455. This will indicate a continuation of the rise with a potential target above the area of 25655.
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