Bitcoin BTC/USD ends the trading week at the level of 36272 and continues to move within 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 a test of the support area near the level of 30505. Where can we again expect a rebound and continued growth in the Bitcoin rate with a potential target above the level of 46255.
Bitcoin Forecast and Analysis January 18 — 22, 2021
An additional signal in favor of raising the BTC/USD quotes in the current trading week, the week January 18 — 22, 2021 will be a rebound from the lower border of the ascending channel. The second signal will be a rebound from the support line on the RSI indicator. Cancellation of the Bitcoin growth option will be a fall and a breakdown of the area of 27055. 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 21645. Confirmation of the development of an upward trend will be a breakdown of the resistance area and closing of quotes above the level of 42105.
Bitcoin Forecast and Analysis January 18 — 22, 2021 suggests an attempt to support the support area near the level of 30505. Then, the cryptocurrency will continue to grow to the area above the level of 46255. An additional signal in favor of the Bitcoin rate rise 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 area of 27055. In this case, we should expect a continued decline with a target at 21645.