Bitcoin BTC/USD completes the trading week at 37627.69 and continues to move as part of the correction and the upward channel. Moving averages indicate a bullish trend. Prices went up from the area between the signal lines, which indicates pressure from the buyers of the asset and the potential continued growth of the asset’s quotes. At the moment, we should expect an attempt to develop a correction and test the support area near the level of 31605. Where can we expect a rebound and continued growth in the Bitcoin exchange rate with a potential target above the level of 50505.
Bitcoin Forecast and Analysis February 8 — 12, 2021
An additional signal in favor of raising the BTC/USD quotes in the current trading week, the week of February 8 — 12, 2021 will be a rebound from the lower border of the “Triangle” model. The second signal will be a rebound from the long-term support line on the RSI indicator. Cancellation of the Bitcoin growth option will be a fall and a breakdown of the 26105 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 18755. Confirmation of the development of an upward trend will be a breakdown of the resistance area and closing of quotations above the level of 42055, which will indicate a breakdown the upper border of the “Triangle” model.
Bitcoin Forecast and Analysis February 8 — 12, 2021 suggests an attempt to support the support area near the level of 31605. Then, the cryptocurrency will continue to grow to the area above the level of 50505. An additional signal in favor of raising the Bitcoin rate in the current trading week will be a test of the support line on the relative strength. Cancellation of the growth option for Bitcoin cryptocurrency quotes will be a fall and a breakdown of the 26105 area. In this case, we should expect a continued decline with a target at 18755.