Bitcoin BTC/USD are trading at 11730 and continue to move as part of the growth and bearish channel. Cryptocurrency capitalization at the time of the publication of the forecast is $208 929 551 234. Moving averages indicate the presence of an upward trend in Bitcoin. As part of the cryptocurrency rate forecast for tomorrow, August 7, 2019, we should expect an attempt to decrease and test the support level near the area of 10565. Where again we should expect a rebound and an attempt to continue the growth of the Bitcoin rate with a target above the area of 14300.
Bitcoin Forecast and Analysis BTCUSD August 7, 2019
In favor of raising BTC/USD quotes, a test of the upward trend line on the relative strength index (RSI) will come out. The second signal will be the formation of an inverted model «Head and Shoulders». Cancellation of the Bitcoin exchange rate growth option will be a fall and a breakdown of the 8900 area. This will indicate a breakdown of the lower boundary of the model and a continued decline in the Bitcoin exchange rate with a potential target at 7850. With a breakdown of the upper border of the downstream channel and closing of cryptocurrency quotes above 12450, we should expect confirmation of a digital exchange rate growth asset.
Bitcoin Forecast and Analysis BTCUSD August 7, 2019 suggests an attempt to test the support level near the area of 10565. And then the cryptocurrency will continue to grow with a potential target at the level of 14300. An additional signal in favor of the growth of the Bitcoin exchange rate will be the test of the upward trend line on the relative strength index (RSI). Cancellation of the cryptocurrency growth option will be a fall and a breakdown of the 8900 area. This will indicate a continued decline with a potential target below 7850.
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