Bitcoin BTC/USD ends the trading week at 37956, continues to move within the correction, but still remains within the bullish channel, which means buyers have a chance. 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 43505. 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 19605.
Bitcoin Weekly Forecast February 7 — 11, 2022
An additional signal in favor of a decrease in BTC/USD quotes in the current trading week February 7 — 11, 2022 will be a rebound from the resistance area. The second signal will be a rebound from the resistance line on the relative strength index (RSI). Cancellation of the fall option for Bitcoin will be a strong growth and a breakdown of the area of 51405. 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 62245. The development of a downward movement will be confirmed by a breakdown of the support area and closing of quotes below the level of 31005, which will indicate breakdown of the lower border of the bullish channel, and this is already a signal for a strong fall.
Bitcoin Weekly Forecast February 7 — 11, 2022 suggests an attempt at a resistance area near the level of 43505. Then the cryptocurrency will continue to fall to the area below the level of 19605. An additional signal in favor of the Bitcoin rate depreciation in the current trading week will be a test of the trend line on the relative strength index (RSI) . Cancellation of the option of falling Bitcoin cryptocurrency quotes will be a strong growth and a breakdown of the area of 51405. In this case, we should expect a continuation of the rise with the target at the level of 62245.
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