Bitcoin BTC/USD ends the trading week at 38567, continues to move as part of another strong rebound from the lower limit of the bullish channel. Moving averages indicate a bearish trend. Prices have broken through the area between the signal lines down, which indicates pressure from sellers of the asset and a potential continuation of the fall in asset quotes. At the moment, we should expect an attempt to develop a rise in the price of the coin and a test of the resistance area near the level of 42155. From where we should again expect a rebound down and a continuation of the fall in the Bitcoin rate with a potential target below the level of 17505.
Bitcoin Weekly Forecast February 28 — March 4, 2022
An additional signal in favor of a decrease in BTC/USD quotes in the current trading week February 28 — March 4, 2022 will be a rebound from the upper border of the descending channel. 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 area of 51605. 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 62505. A confirmation of the development of a downward movement will be a breakdown of the support area and closing of quotes below the level of 31005, which will indicate breakdown of the lower boundary of the bullish channel, as well as non-breakout of the lower boundary of the “Triangle” pattern.
Bitcoin Weekly Forecast February 28 — March 4, 2022 suggests an attempt at a resistance area near the level of 42155. Then the cryptocurrency will continue to fall to the area below the level of 17505. An additional signal in favor of a depreciation of Bitcoin in the current trading week will be a test of the trend line on the relative indicator strength. Cancellation of the option of falling Bitcoin cryptocurrency quotes will be a strong growth and a breakdown of the area of 51605. In this case, we should expect a continuation of the rise with the target at the level of 62505.
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