Bitcoin BTC/USD ends the trading week at the level of 61238 and continues to move within the framework of the correction development and the formation of the bullish “Wolfe Wave” model. 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 51685. From where we should again expect an upward rebound and continued growth of the Bitcoin rate with a potential target above the level of 83505.
Bitcoin Forecast and Analysis August 26 — 30, 2024
An additional signal in favor of the growth of BTC/USD quotes in the current trading week of August 26 — 30, 2024 will be a rebound from the lower border of the bullish channel. The second signal will be a rebound from the support line on the relative strength indicator (RSI). The Bitcoin fall option can be cancelled if it falls and breaks through the 47405 area. This will indicate a breakout of the support area and continued decline in BTC/USD quotes with a potential target below 42505. The development of the bullish movement will be confirmed by a breakout of the resistance area and closing of quotes above 71505, which will indicate a breakout of the upper boundary of the downward correction channel.
Bitcoin Forecast and Analysis August 26 — 30, 2024 suggests an attempt to reach the support area near 51685. Then, the cryptocurrency will continue to grow to the area above 83505. An additional signal in favor of a 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 option can be cancelled if it falls and breaks through the 47405 area. In this case, we should expect continued decline with a target at 42505.
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