Bitcoin Forecast and Analysis August 10 — 14, 2020



Bitcoin BTC/USD ends the trading week at the level of 11621 and continues to move within the framework of a strong growth and a bullish channel. Moving averages indicate a bullish trend. Prices went up from the area between the signal lines, which indicates pressure from the buyers of the asset and the potential continued growth of the asset’s quotes. At the moment, we should expect an attempt to develop a correction and a test of the support area near the level of 10105. Where can we again expect a rebound and continued growth in the Bitcoin rate with a potential target above the level of 13865.

Bitcoin Forecast and Analysis August 10 — 14, 2020

An additional signal in favor of the growth of BTC/USD quotes in the current trading week August 10 — 14, 2020 will be a rebound from the lower border of the ascending channel. The second signal will be a rebound from the support line on the relative strength index (RSI). Cancellation of the Bitcoin growth option will be a fall and a breakdown of the 8365 area. This will indicate a breakdown of the support area and a continued fall in BTC/USD quotes with a potential target below the level of 7175. Confirmation of the development of an upward trend will be a breakdown of the resistance area and closing of quotes above the level of 12505.

Bitcoin Forecast and Analysis August 10 — 14, 2020

Bitcoin Forecast and Analysis August 10 — 14, 2020 suggests an attempt at a support area near the level of 10105. Then, the cryptocurrency will continue to grow to the area above the level of 13865. An additional signal in favor of the Bitcoin rate rise in the current trading week will be a test of the support line on the relative strength index (RSI). Cancellation of the growth option for Bitcoin cryptocurrency quotes will be a fall and a breakdown of the 8365 area. In this case, we should expect a continuation of the fall with the target at 7175.


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