Bitcoin BTC/USD ends the trading week at 65423 and continues to move within the development of growth and a bullish channel. Moving averages indicate the presence of a bullish trend. Prices have broken through the area between the signal lines upwards, which indicates pressure from asset buyers and a potential continuation of the growth of asset quotes. 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 59565. From where we should again expect an upward rebound and continued growth of the Bitcoin rate with a potential target above the level of 86485.
Bitcoin Forecast and Analysis August 5 — 9, 2024
An additional signal in favor of the growth of BTC/USD quotes in the current trading week of August 5 — 9, 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 cancellation of the Bitcoin fall option will be a fall and a breakout of the 51405 area. This will indicate a breakout of the support area and a continuation of the fall of BTC/USD quotes with a potential target below the level of 47605. Confirmation of the development of the bullish movement will be a breakout of the support area and closing of quotes above the level of 69405, which will indicate a breakout of the upper border of the descending correction channel.
Bitcoin Forecast and Analysis August 5 — 9, 2024 suggests an attempt to reach the support area near the level of 59565. Then, the continuation of the growth of the cryptocurrency to the area above the level of 86485. 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 cancellation of the growth option for Bitcoin cryptocurrency quotes will be a fall and a breakout of the 51405 area. In this case, we should expect a continuation of the decline with a target at 47605.
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