Bitcoin BTC/USD ends the trading week at the level of 58737 and continues to move within the framework of the correction development and the formation of the bullish “Wolf Wave” pattern. The moving averages indicate the presence of a bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from asset buyers and a potential continuation of the asset’s quotes growth. At the moment, we should expect an attempt to develop a bearish correction in the coin price and a test of the support area near the level of 50405. From where we should again expect an upward rebound and continued growth of the Bitcoin rate with a potential target above the level of 77475.
Bitcoin Forecast and Analysis August 19 — 23, 2024
An additional signal in favor of the growth of BTC/USD quotes in the current trading week of August 19 — 23, 2024 will be a rebound from the lower border of the bullish “Wolf Wave” pattern. The second signal will be a rebound from the support line on the relative strength indicator (RSI). The Bitcoin fall scenario will be cancelled if the price falls and breaks through the 46505 area. This will indicate a breakout of the support area and a continuation of the BTC/USD quotes fall with a potential target below the 41405 level. The development of the bullish movement will be confirmed by a breakout of the support area and closing of quotes above the 62505 level.
Bitcoin Forecast and Analysis August 19 — 23, 2024 suggests an attempt to break through the support area near the 50405 level. Then, the continuation of the growth of the cryptocurrency to the area above the 77475 level. An additional signal in favor of the rise in the Bitcoin rate this trading week will be a test of the trend line on the relative strength indicator. The Bitcoin cryptocurrency quotes growth scenario will be cancelled if the price falls and breaks through the 46505 area. In this case, we should expect a continuation of the decline with a target at the 41405 level.
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