Bitcoin BTC/USD ends the trading week at 46986, continues to move in the framework of the rise and the bullish channel. Moving averages indicate a bullish 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 39505. 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 59105.
Bitcoin Forecast and Analysis August 23 — 27, 2021
An additional signal in favor of the growth of BTC/USD quotes in the current trading week August 23 — 27, 2021 will be a rebound from the upper border of the descending channel. The second signal will be a rebound from the broken trend line on the relative strength index (RSI). Cancellation of the Bitcoin growth option will be a fall and a breakdown of the 32505 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 25005. 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 51905.
Bitcoin Forecast and Analysis August 23 — 27, 2021 suggests an attempt to support area near the level of 39505. Then, the cryptocurrency will continue to rise to the area above the level of 59105. An additional signal in favor of the Bitcoin rate growth 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 32505 area. In this case, we should expect a continued decline with a target at 25005.
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