Cryptocurrency Bitcoin is trading at 67979 and continues to move within the correction and bearish channel. BTC/USD quotes are located inside the Cloud of the Ichimoku Kinko Hyo indicator. This suggests a short-term sideways trend for the digital asset. As part of the Bitcoin exchange rate forecast for March 20, 2024, a correction in the value of the asset and a test of the upper limit of the Ichimoku indicator Cloud near the level of 70705 are expected to develop. Where can we expect a downward rebound and an attempt to continue the fall of the Bitcoin cryptocurrency with a potential target at the level of 58135.
Bitcoin Forecast and Analysis for March 20, 2024
An additional signal in favor of an increase in the BTC/USD cryptocurrency will be a test of the support area on the coin price chart. The second signal will be a rebound from the lower border of the bullish channel. Previously, a strong signal was received to buy the Bitcoin cryptocurrency. The signal was formed due to the intersection of signal lines at the level of 62405. The nearest resistance area for BTC/USD on the chart is located at the level of 76045. The support area for Bitcoin is located at the level of 68125.
The cancellation of this option for the fall in the value of the digital asset Bitcoin tomorrow will be a strong growth and a breakdown of the upper boundary of the Ichimoku indicator Cloud with the closing of quotes above the level of 73895. This option will indicate a change in the bearish trend in favor of a bullish trend and the continued growth of the Bitcoin rate against the US Dollar on March 20, 2024. Expect an acceleration in the fall of BTC/USD quotes with a breakdown of the support area and closing of the price below the level of 60305, which will indicate a breakdown of the lower boundary of the downward channel, and this is a signal for a fall by the width of the channel.
Bitcoin Forecast and Analysis for March 20, 2024 suggest an attempt to develop a cryptocurrency correction and a test of the resistance level near the 70705 area. From where it is worth considering the continuation of the fall in the Bitcoin exchange rate with a potential target near the level of 58135. The cancellation of the reduction option will be a strong increase in the value of the asset and a breakdown of the area 73895. This will indicate continued growth with a potential target near the level of 77605.
