Bitcoin Forecast and Analysis BTC/USD August 7, 2020



BTC/USD are trading at 11848 and continue to move as part of the growth and the ascending channel. Bitcoin cryptocurrency capitalization at the time of the publication of the forecast is $215 439 712 027. Moving averages indicate a short-term bullish trend for Bitcoin. Prices moved up from the area between the lines, which indicates pressure from buyers of Digital Gold and a potential continued growth in the asset’s value. As part of the cryptocurrency rate forecast for tomorrow, August 7, 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 11565 area. Where can we expect a rebound again and an attempt to continue the growth of the Bitcoin rate with a target above the 12805 area.

Bitcoin Forecast and Analysis BTC/USD August 7, 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 11205 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 10505. With the breakdown of the resistance area and closing of cryptocurrency quotes above the level of 12295, we should expect confirmation of the rate growth digital asset.

Bitcoin Forecast and Analysis BTC/USD August 7, 2020

Bitcoin Forecast and Analysis BTC/USD August 7, 2020 suggests an attempt to test the support level near the 11565 area. And further, the cryptocurrency will continue to grow with a potential target at 12805. 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 11205 area. This will indicate a continued decline with a potential target below the 10505 area.


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