Bitcoin exchange rate forecast for 02/04/2021 is written at $ 37,100 quotes. The Bitcoin chart is above the Ichimoku cloud, which indicates an upward trend in the cryptocurrency. The indicator signal lines are also turned up.
BTC / USD quotes approached the upper border of the descending channel. However, this is more likely not a descending channel, but a flag pattern on Forex. In most cases, the flag pattern is a stage of accumulation before the continuation of the mainstream.
If the channel line is broken and the Bitcoin quotes consolidate above $ 37,900, we will receive a signal that the Bitcoin uptrend will continue. The immediate target for the Bitcoin bulls is the $ 42,000 level - the recent all-time high for the cryptocurrency. The medium-term forecast for Bitcoin implies an increase in digital gold quotes to levels above $ 50,500.
The support level for Bitcoin is the level 34 800. A short-term pullback to the support level is possible, as part of the development of the upward trend in Bitcoin.
Thus, the Bitcoin exchange rate forecast for February 4 assumes that Bitcoin will continue to grow and an attempt to test the resistance level of $ 42,000.