Bitcoin BTC/USD completes the trading week at 11713 and continues to move within the growth and upward 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 test the support area near the level of 10065. Where can we expect a rebound and continued growth in the Bitcoin rate with a potential target above the level of 15405.
Bitcoin Forecast and Analysis August 17 — 21, 2020
An additional signal in favor of the growth of BTC/USD quotes in the current trading week August 17 — 21, 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 8305 area. This will indicate a breakdown of the support area and a continued fall in BTC/USD quotes with a potential target below 7105. Confirmation of the development of an upward trend will be a breakdown of the resistance area and closing of quotes above the level of 12565.
Bitcoin Forecast and Analysis August 17 — 21, 2020 suggests an attempt at a support area near the level of 10065. Then, the cryptocurrency will continue to grow to the area above the level of 15405. An additional signal in favor of an increase in the Bitcoin rate 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 8305 area. In this case, we should expect a continuation of the fall with the target at 7105.
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