BTC/USD are trading at the level of 12375 and continue to move as part of the growth and the beginning of the development of the «Triangle» model. Bitcoin cryptocurrency capitalization at the time of the publication of the forecast is $227 517 430 399. Moving averages indicate a short-term bullish trend for Bitcoin. Prices bounced off the area between the lines, indicating pressure from Digital Gold buyers and potential continued growth in the asset’s value. As part of the cryptocurrency rate forecast for tomorrow, August 18, 2020, we should expect an attempt to develop a downward correction in the value of a digital asset and a test of the support level near the 11985 area. Where again should we expect a rebound and an attempt to continue the growth of the Bitcoin rate with a target above the 13605 area.
Bitcoin Forecast and Analysis BTC/USD August 18, 2020
An additional signal in favor of the growth of BTC/USD quotes will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the «Triangle» pattern. Cancellation of the option to raise the rate and value of Bitcoin will be a fall in the value of the asset and a breakdown of the 11405 area. This will indicate a breakdown of the support area and the continuation of the fall in the Bitcoin rate with a potential target at 9805. With the breakdown of the resistance area and the closing of cryptocurrency quotes above the level of 12765, we should expect confirmation of the rate growth digital asset.
Bitcoin Forecast and Analysis BTC/USD August 18, 2020 implies an attempt to test the support level near the area of 11985. And further, the cryptocurrency will continue to grow with a potential target at 13605. An additional signal in favor of the Bitcoin rate rise will be a test of the support line on the relative strength index (RSI). Cancellation of the cryptocurrency growth option will be a fall and a breakdown of the 11405 area. This will indicate a continued decline with a potential target below the 9805 area.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link