BTC/USD are trading at 47939 and continue to move as part of the correction and the bullish channel. The capitalization of the Bitcoin cryptocurrency at the time of the publication of the forecast is $895,838,740,054. Moving averages indicate a short-term bullish trend for Bitcoin. Prices broke through the area between the signal lines downward, which indicates pressure from the sellers of “Digital Gold” and a potential continuation of the fall in the value of the asset already from the current levels. As part of the cryptocurrency rate forecast for tomorrow, August 31, 2021, we should expect an attempt to develop a correction in the value of a digital asset and a test of the support level near the 47355 area. Where again should we expect a rebound and an attempt to increase the Bitcoin rate with a target above the 53305 area.
Bitcoin Forecast and Analysis BTC/USD August 31, 2021
An additional signal in favor of raising the BTC/USD quotes will be a test of the broken 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 growth rate and value of Bitcoin will be a fall in the value of the asset and a breakdown of the area of 44505. This will indicate a breakdown of the support area and the continuation of the fall in the Bitcoin rate with a potential target at 38505. Confirmation of the rise in the price of the asset will be a breakdown of the resistance area with the price fixing above the level of 51305.
Bitcoin Forecast and Analysis BTC/USD August 31, 2021 implies an attempt to test the support level near the area of 47355. And further, the cryptocurrency will continue to grow with a potential target at 53305. An additional signal in favor of raising the Bitcoin rate 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 44505 area. This will indicate a continued decline with a potential target below the 38505 area.
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