Bitcoin ends the trading week near the 61973 area. BTC/USD quotes are trading above the upper limit of the Ichimoku Kinko Hyo Cloud. This indicates a medium-term bullish trend for Bitcoin. As part of the cryptocurrency rate forecast for the week of March 4 — 8, 2024. A correction is expected to develop and a test of the signal line area of the Ichimoku Kinko Hyo indicator is expected near the level of 57505. Where can we expect an attempt to rebound upward and continue to grow in the Bitcoin rate against the US Dollar with a target above the level of 76505.
Bitcoin Forecast March 4 — 8, 2024
An additional signal in favor of the rise of the leading digital asset in the current trading week will be a test of the lower boundary of the bullish channel. The second signal will be a rebound from the support area on the price chart of the Bitcoin cryptocurrency. Previously, a signal of medium strength was received for coin purchases. The signal was formed due to the intersection of signal lines at the level of 43605. The nearest resistance area on the Bitcoin chart is located at the level of 68325. The support area for Bitcoin is located at the level of 56245.
Cancellation of the option to raise Bitcoin quotes will be a breakdown of the lower border of the Indicator Cloud and closing of the price below the level of 41805. This will indicate a change in the bullish trend in favor of a bearish trend and a continuation of the fall in the value of the asset. Expect confirmation of the growth of BTC/USD quotes with the breakdown of the support area and closing of the price above the level of 69605.
Bitcoin Forecast March 4 — 8, 2024 assumes an attempt to develop a correction to the level of 57505. From where we can expect a rebound upward and continued growth of the cryptocurrency with a potential target near the level of 76505. A test of the support level on the Bitcoin price chart will be in favor of the rise. Cancellation of the growth option will be a fall and a breakdown of the 41805 area. In this case, we should expect a continued decline in the Bitcoin rate with a potential target at the level of 35305.
