Bitcoin BTC/USD ends the trading week at the level of 48232, continues to move as part of the correction 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 25,000 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 a test of the resistance area near the level of 54405. 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 23855.
Bitcoin Weekly Forecast January 3 — 7, 2022
An additional signal in favor of a decrease in BTC/USD quotes in the current trading week January 3 — 7, 2022 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 “Neck” line of the reversal pattern.
Bitcoin Weekly Forecast January 3 — 7, 2022 suggests an attempt to the resistance area near the level of 54405. Then, the cryptocurrency will continue to fall to the area below the level of 23855. 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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