Bitcoin BTC/USD ends the trading week at 19908, continues to move as part of the development of the fall and the downward 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 test the resistance area near the level of 20785. From where we should again expect a rebound down and a continued fall in the Bitcoin rate with a potential target below the level of 9005.
Bitcoin Weekly Forecast March 13 — 17, 2023
An additional signal in favor of a decrease in BTC/USD quotes in the current trading week March 13 — 17, 2023 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 27065. This will indicate a breakdown of the resistance area and continued growth of BTC/USD quotes with a potential target above the level of 33405. The development of the downward movement will be confirmed by a breakdown of the support area and closing of quotes below the level of 16505.
Bitcoin Weekly Forecast March 13 — 17, 2023 suggests an attempt at the resistance area near the level of 20785. Then the cryptocurrency will continue to fall to the area below the level of 9005. 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 27065. In this case, we should expect a continuation of the rise with the target at the level of 33405.
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