Bitcoin BTC/USD ends the trading week at 36428, continues to move as part of the fall, but still remains within the bullish channel. Moving averages indicate the presence of a sideways 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 42405. 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 25355.
Bitcoin Weekly Forecast January 31 — February 4, 2022
An additional signal in favor of a decrease in BTC/USD quotes in the current trading week January 31 — February 4, 2022 will be a rebound from the lower border of the bullish 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 50305 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 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 border of the bullish channel.
Bitcoin Weekly Forecast January 31 — February 4, 2022 suggests an attempt at a resistance area near the level of 42405. Then the cryptocurrency will continue to fall to the area below the level of 25355. 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 50305 area. In this case, we should expect a continuation of the rise with the target at the level of 62505.
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