Bitcoin BTC/USD completes the trading week at the level of 50921, continues to move in the framework of the growth and the bullish channel. There is potential for a ”Head and Shoulders” reversal pattern to form, which could push the price of the leading coin below the 25000 level. Moving averages indicate a bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of the growth of the asset’s quotes. At the moment, we should expect an attempt to develop a rise in the price of the coin and test the resistance area near the level of 54905. Where can we expect a rebound down again and the continuation of the fall in the Bitcoin rate with a potential target below the level of 31605.
Bitcoin Weekly Forecast December 27 — 31, 2021
An additional signal in favor of a decrease in BTC/USD quotes in the current trading week December 27 — 31, 2021 will be a rebound from the upper border of the “Head and Shoulders” reversal pattern. The second signal will be a rebound from the resistance line on the relative strength index (RSI). Cancellation of the Bitcoin fall option will be a strong growth and a breakdown of the 66505 area. This will indicate a breakdown of the resistance area and a continued rise in BTC/USD quotes with a potential target above the level of 72505. Confirmation of the development of a downward movement will be a breakdown of the support area and closing of quotes below 38505, which will indicate breakout of the “Neckline” of the reversal pattern.
Bitcoin Weekly Forecast December 27 — 31, 2021 imply an attempt at a resistance area near the level of 54905. Then, the cryptocurrency will continue to fall to the area below the level of 31605. An additional signal in favor of a decline in the Bitcoin rate in the current trading week will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to drop Bitcoin cryptocurrency quotes will be a strong growth and a breakdown of the 66505 area. In this case, we should expect a continuation of the rise with a target at 72505.
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