Bitcoin BTC/USD ends the trading week at 19055, continues to move as part 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 bullish correction in the price of the coin and a test of the resistance area near the level of 22055. 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 8505.
Bitcoin Weekly Forecast October 31 — November 4, 2022
An additional signal in favor of the fall of BTC/USD quotes in the current trading week of October 31 – November 4, 2022 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 fall option for Bitcoin will be a strong growth and a breakdown of the area of 28705. This will indicate a breakdown of the resistance area and continued growth of BTC/USD quotes with a potential target above the level of 33565. Confirmation of the development of the downward movement will be a breakdown of the support area and closing of quotes below the level of 9055, which will indicate breakdown of the lower border of the descending channel, and a signal to sell to the width of the channel.
Bitcoin Weekly Forecast October 31 — November 4, 2022 suggests an attempt at a resistance area near the level of 22055. Then the cryptocurrency will continue to fall to the area below the level of 8505. An additional signal in favor of the fall in the Bitcoin rate this trading week will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to reduce the quotes of the Bitcoin cryptocurrency will be a strong growth and a breakdown of the area of 28705. In this case, we should expect a continuation of the rise with the target at the level of 33565.
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