Cryptocurrency Bitcoin is trading at 66696 and continues to move within the growth and bullish channel. BTC/USD quotes are located above the upper limit of the Cloud of the Ichimoku Kinko Hyo indicator. This suggests a short-term bullish trend for the digital asset. As part of the Bitcoin exchange rate forecast for March 7, 2024, a correction in the value of the asset is expected to develop and a test of the signal line area of the Ichimoku indicator is expected near the level of 65005. Where can we expect a rebound upward and an attempt to continue the growth of the Bitcoin cryptocurrency with a potential target at the level of 75605.
Bitcoin Forecast and Analysis for March 7, 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 signal of medium strength was received for purchases of the Bitcoin cryptocurrency. The signal was formed due to the intersection of signal lines at the level of 51205. The nearest resistance area for BTC/USD on the chart is at the level of 72365. The support area for Bitcoin is at the level of 63685.
Cancellation of this option for growth in the value of the digital asset Bitcoin tomorrow will be a fall and a breakdown of the lower boundary of the Ichimoku indicator Cloud with quotes closing below the level of 55605. This option will indicate a change in the bullish trend in favor of a bearish trend and a continuation of the fall in the Bitcoin rate against the US Dollar on March 7, 2024. Expect accelerating growth of BTC/USD quotes is with a breakdown of the resistance area and closing of the price above the level of 72705.
Bitcoin Forecast and Analysis for March 7, 2024 suggest an attempt to develop a cryptocurrency correction and a test of the support level near the area of 65005. From where it is worth considering the continued growth of the Bitcoin rate with a potential target near the level of 75605. The cancellation of the rise option will be a strong increase in the value of the asset and a breakdown of the area 55605. This will indicate a continuation of the decline with a potential target near the level of 48005.
