Bitcoin BTC/USD ends the trading week at the level of 26775 and continues to move as part of the development of the correction and the formation of the “Triangle” pattern. 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 continued growth in the asset’s quotes. At the moment, we should expect an attempt to develop a fall in the price of the coin and a test of the support area near the level of 24705. From where we can again expect a rebound upward and continued growth of the Bitcoin rate with a potential target above the level of 37435.
Bitcoin Weekly Forecast October 16 — 20, 2023
An additional signal in favor of an increase in BTC/USD quotes in the current trading week of October 16 — 20, 2023 will be a rebound from the lower border of the “Triangle” model. The second signal will be a rebound from the support line on the relative strength indicator (RSI). Cancellation of the Bitcoin growth option will be a fall and a breakdown of the 22605 area. This will indicate a breakdown of the support area and a continued fall in BTC/USD quotes with a potential target below the level of 18665. Confirmation of the development of a bullish movement will be a breakdown of the resistance area and closing of quotes above the level of 28985, which will indicate a breakdown the upper border of the “Triangle” pattern and began working out the pattern with targets at the top.
Bitcoin Weekly Forecast October 16 — 20, 2023 assumes an attempt at the support area near the level of 24705. Then the cryptocurrency will continue to grow to the area above the level of 37435. An additional signal in favor of an increase 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 increase Bitcoin cryptocurrency quotes will be a fall and a breakdown of the area of 22605. In this case, we should expect a continuation of the decline with a target at the level of 18665.
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