BTC/USD are trading at 57921 and continue to move as part of the correction and the formation of the “Head and Shoulders” reversal pattern. The capitalization of the Bitcoin cryptocurrency at the time of the publication of the forecast is $1,112,785,523,351. Moving averages indicate a short-term sideways trend in Bitcoin. Prices are again testing the area between the signal lines, 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, December 1, 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 54705 area. Where can we expect an upward rebound and an attempt to continue to raise the Bitcoin rate with a target above the 64305 area.
Bitcoin Forecast BTC/USD December 1, 2021
An additional signal in favor of the growth of BTC/USD quotes will be a test of the trend line on the relative strength index (RSI). The second signal in favor of this option will be a rebound from the upper border of the descending 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 52055. This will indicate a breakdown of the support area and the continuation of the fall in the Bitcoin rate with a potential target at 47505. 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 59955.
Bitcoin Forecast BTC/USD December 1, 2021 suggests an attempt to test the support level near the 54705 area. And further, the cryptocurrency will continue to grow with a potential target at 64305. An additional signal in favor of the Bitcoin rate rise will be a test of the support line on the relative strength index (RSI). Cancellation of the cryptocurrency growth option will be a fall and a breakdown of the 52055 area. This will indicate a continued decline with a potential target below the 47505 area.