BTC/USD are trading at 61811 and continue to move as part of the correction and the bullish channel. The capitalization of the Bitcoin cryptocurrency at the time of the publication of the forecast is $1,176,068,620,054. Moving averages indicate a short-term sideways trend in Bitcoin. Prices broke through the area between the signal lines downward, which indicates pressure from the sellers of “Digital Gold” and a potential continuation of the fall in the value of the asset from the current levels. As part of the cryptocurrency rate forecast for tomorrow, November 5, 2021, we should expect an attempt to develop a correction in the value of a digital asset and a test of the support level near the 61005 area. Where can we expect an upward rebound and an attempt to continue the growth of the Bitcoin rate with a target above the 65605 area.
Bitcoin Forecast and Analysis November 5, 2021
An additional signal in favor of raising the BTC/USD quotes will be a test of the bullish trend line on the relative strength index (RSI). The second signal in favor of this option will be a rebound from the lower border of the bullish channel. Cancellation of the option to raise the rate and value of Bitcoin will be a fall in the value of the asset and a breakdown of the area of 59105. This will indicate a breakdown of the support area and the continuation of the fall in the Bitcoin rate with a potential target at 56505. Confirmation of the rise in the price of the asset will be a breakdown of the resistance area with the price fixing above the level of 65055.
Bitcoin Forecast and Analysis November 5, 2021 suggests an attempt to test the support level near the 61005 area. And further, the cryptocurrency will continue to grow with a potential target at 65605. An additional signal in favor of the Bitcoin rate growth will be a test of the support line on the relative strength index (RSI). Cancellation of the option to raise the cryptocurrency will be a fall and a breakdown of the 59105 area. This will indicate a continued decline with a potential target below the 56505 area.