BTC/USD are traded at 11521 and continue to move as part of the correction of the formation of the «Triangle» model. Bitcoin cryptocurrency capitalization at the time of the publication of the forecast is $212 101 359 326. Moving averages indicate a short-term bullish trend for Bitcoin. Prices are bouncing off the area between the lines, which indicates pressure from Digital Gold buyers and potential continued growth in the asset’s value. As part of the cryptocurrency rate forecast for tomorrow, August 26, 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 11315 area. Where again should we expect a rebound and an attempt to continue the growth of the Bitcoin rate with a target above the 13505 area.
Bitcoin Forecast and Analysis BTC/USD August 26, 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 lower border of the ascending channel. 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 area of 11025. This will indicate a breakdown of the support area and the continuation of the fall in the Bitcoin rate with a potential target at 9405. With the breakdown of the resistance area and the closing of cryptocurrency quotes above the level of 12355, we should expect confirmation of the growth of the rate the digital asset and the beginning of the development of the «Triangle» model.
Bitcoin Forecast and Analysis BTC/USD August 26, 2020 implies an attempt to test the support level near the 11315 area. And further, the cryptocurrency will continue to grow with a potential target at 13505. 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 11025 area. This will indicate a continued decline with a potential target below the 9405 area.
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