BTC/USD are trading at 20695 and continue to move as part of the development of the correction and the downward channel. The capitalization of the Bitcoin cryptocurrency at the time of the publication of the forecast is $397,420,372,079. Moving averages indicate a short-term bullish trend for Bitcoin. Prices are again testing 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, November 8, 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 21065. 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 17685.
Bitcoin Forecast November 9, 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 to fall 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 22705. This will indicate a breakdown of the resistance area and continued growth of the Bitcoin rate with a potential target at 25655. The fall in the asset price will be confirmed by a breakdown of the support area with the price fixing below the level of 18055, which will indicate a breakdown of the lower boundary of the bullish correction channel.
Bitcoin Forecast November 9, 2022 suggests an attempt to test the resistance level near the area of 21065. And further, the cryptocurrency will continue to fall with a potential target at 17685. 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 22705. This will indicate a continuation of the rise with a potential target above the area of 25655.
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