Bitcoin ends the trading week near the 26249 area. BTC/USD quotes are trading below the lower border of the Ichimoku Kinko Hyo Cloud. This indicates a medium-term bearish trend for Bitcoin. As part of the cryptocurrency rate forecast for the week of September 11 — 15, 2023. 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 26655. Where can we expect an attempt to rebound downwards and a continuation of the fall in the Bitcoin rate against the US Dollar with a target below the level of 21685.
Bitcoin Forecast September 11 — 15, 2023
An additional signal in favor of a fall in the leading digital asset in the current trading week will be a test of the upper boundary of the downward channel. The second signal will be a rebound from the resistance area on the price chart of the Bitcoin cryptocurrency. Previously, a weak signal for selling the coin was received. The signal was formed due to the intersection of signal lines at the level of 30065. The nearest resistance area on the Bitcoin chart is located at the level of 27805. The support area for Bitcoin is located at the level of 25345.
Cancellation of the option of falling Bitcoin quotes will be a breakdown of the upper border of the Indicator Cloud and closing of the price above the level of 29205. This will indicate a change in the bearish trend in favor of a bullish trend and continued growth in the value of the asset. You should expect confirmation of a fall in BTC/USD quotes with a breakdown of the support area and closing of the price below the level of 25105.
Bitcoin Forecast September 11 — 15, 2023 assumes an attempt to develop a correction to the level of 26655. From where we can expect a rebound upward and a continuation of the fall of the cryptocurrency with a potential target near the level of 21685. A test of the resistance level on the Bitcoin price chart will be in favor of the decline. Cancellation of the fall option will be a strong growth and a breakdown of the 29205 area. In this case, we should expect a continued rise in the Bitcoin rate with a potential target at 32565.
