Bitcoin Forecast for the Week (12-02-2024)

Greetings to you on the crypto site. My name is Viktor and today I will share my opinion about #bitcoin, #btc-usdt, using the TradingView service, here Bitcoin Rate Forecast for the week of 12-02-2024.

Bitcoin Forecast for the Week

Monthly timeframe
Hello, I’m Victor from CryptoViktor UA. Looking at bitcoin on the monthly timeframe, we can see that the rate has approached an important trend line, indicating an increase in capitalisation to almost a trillion dollars. This value is a critical point that may indicate the potential for a trend reversal. Several indicators, including stochastics, point to a possible future reversal below $40,000.

Bitcoin Forecast for the Week (12-02-2024)

Weekly timeframe
On the weekly chart, we can see that after a certain period of accumulation, bitcoin moved up by more than 13% over the week. However, today’s red candlestick formation may indicate a reversal and the potential for a move back to support levels around $37-38 thousand.

Bitcoin Forecast for the Week (12-02-2024)

Daily timeframe

On the daily timeframe, indicators such as the stochastic have already begun to show a downward movement, which confirms the potential for correction. However, it’s important to note that the moving averages are still in a buying mode, which may indicate an overall positive trend for bitcoin in the medium term.

Bitcoin Forecast for the Week (12-02-2024)

Buyer/seller sentiment
Market sentiment remains divided. Some investors believe that current levels are attractive for buying, anticipating future growth, while others remain cautious, watching for a possible correction.

Weekly exchange rate outlook summary
In summary, my forecast for bitcoin this week points to the potential for a correction. However, this does not mean that the long-term potential of bitcoin is diminishing. It is important for investors to follow market signals and use risk management strategies to optimise their investments.

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