BTC/USD are trading at 39479 and continue to move as part of the rise. The capitalization of the Bitcoin cryptocurrency at the time of the publication of the forecast is $739,739,991,191. Moving averages indicate a short-term bullish trend for Bitcoin. Prices are again testing the area between the signal lines, which indicates pressure from buyers of “Digital Gold” and a potential continuation of the growth of the asset value from the current levels. As part of the cryptocurrency rate forecast for tomorrow, August 5, 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 36855 area. Where again should we expect a rebound and an attempt to increase the Bitcoin rate with a target above the 49505 area.
Bitcoin Forecast and Analysis BTC/USD August 5, 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 upper border of the descending 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 31905. This will indicate a breakdown of the support area and a continuation of the fall in the Bitcoin exchange rate with a potential target at the level of 27155. 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 44205.
Bitcoin Forecast and Analysis BTC/USD August 5, 2021 suggests an attempt to test the support level near the 36855 area. And further, the cryptocurrency will continue to grow with a potential target at 49505. 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 31905 area. This will indicate a continued decline with a potential target below the 27155 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