Bitcoin Forecast and Analysis August 2 — 6, 2021

Bitcoin BTC/USD ends the trading week at 38787, continues to move in the framework of the rise and the bullish channel. Moving averages indicate a sideways trend. Prices broke through the area between the signal lines upward, 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 36005. Where can we expect a rebound and a continuation of the rise in the Bitcoin exchange rate with a potential target above the level of 50905.

Bitcoin Forecast and Analysis August 2 — 6, 2021

An additional signal in favor of the growth of BTC/USD quotes in the current trading week August 2 — 6, 2021 will be a rebound from the support area on the price chart. The second signal will be a rebound from the downtrend line on the relative strength index (RSI), which was confidently broken up by the bulls. Cancellation of the Bitcoin growth option will be a fall and a breakdown of the 28905 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 13505. Confirmation of the development of the bullish movement will be the breakdown of the upper curtain of the descending channel and closing of quotations above the level of 44305.

Bitcoin Forecast and Analysis August 2 — 6, 2021 suggests an attempt at a support area near the level of 36005. Then, the cryptocurrency will continue to rise to the area above the level of 50905. An additional signal in favor of the growth of the Bitcoin rate in the current trading week will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to raise Bitcoin cryptocurrency quotes will be a fall and a breakdown of the 28905 area. In this case, we should expect a continued decline with a target at 13505.

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