Bitcoin BTC/USD ends the trading week at the level of 29843 and continues to move as part of the development of growth and a bullish channel. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines upward, 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 25765. From where we can again expect a rebound upward and continued growth of the Bitcoin rate with a potential target above the level of 39325.
Bitcoin Weekly Forecast October 23 — 27, 2023
An additional signal in favor of an increase in BTC/USD quotes in the current trading week of October 23 — 27, 2023 will be a rebound from the upper boundary of the downward channel. The second signal will be a rebound from the support line on the relative strength indicator (RSI), which was recently broken upward by buyers. Cancellation of the Bitcoin growth option will be a fall and a breakdown of the area of 22565. 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 19455. Confirmation of the development of a bullish movement will be a breakdown of the resistance area and closing of quotes above the level of 30505.
Bitcoin Weekly Forecast October 23 — 27, 2023 assumes an attempt at the support area near the level of 25765. Then the cryptocurrency will continue to grow to the area above the level of 39325. 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 22565. In this case, we should expect a continuation of the decline with a target at the level of 19455.
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