Bitcoin Forecast and Analysis August 31 — September 4, 2020



Bitcoin BTC/USD ends the trading week at 11446 and continues to move within the correction and the 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 10205. Where can we expect a rebound and continued growth in the Bitcoin rate with a potential target above the level of 15065.

Bitcoin Forecast and Analysis August 31 — September 4, 2020

An additional signal in favor of the growth of BTC/USD quotes in the current trading week August 31 — September 4, 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 9455 area. This will indicate a breakdown of the support area and a continued fall in BTC/USD quotes with a potential target below 7595. Confirmation of the development of an upward trend will be a breakdown of the resistance area and closing of quotations above the level of 12805.

Bitcoin Forecast and Analysis August 31 — September 4, 2020

Bitcoin Forecast and Analysis August 31 — September 4, 2020 assumes an attempt to support the support area near the level of 10205. Then, the cryptocurrency will continue to grow to the area above the level of 15065. An additional signal in favor of the rise in the Bitcoin rate in the current trading week will be a test of the support line on the relative strength. Cancellation of the growth option for Bitcoin cryptocurrency quotes will be a fall and a breakdown of the 9455 area. In this case, we should expect a continuation of the fall with the target at 7595.


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