BTC/USD are trading at 33769 and continue to move as part of the fall and the downtrend channel. The capitalization of the Bitcoin cryptocurrency at the time of the publication of the forecast is $593,426,814,621. Moving averages indicate a short-term sideways trend in 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, July 16, 2021, we should expect an attempt to develop a growth in the value of a digital asset and a test of the resistance level near the 32605 area. Where again should we expect a rebound and an attempt to fall in the Bitcoin rate with a target below the 28305 area.
Bitcoin Forecast and Analysis BTC/USD July 16, 2021
An additional signal in favor of reducing the BTC/USD quotes will be a test of the downward 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 option to depreciate the rate and value of Bitcoin will be a strong growth in the value of the asset and a breakdown of the area of 35055. This will indicate a breakdown of the resistance area and a continued rise in the Bitcoin rate with a potential target at 38505. Confirmation of the fall in the price of the asset will be a breakdown of the support area with the price fixing below the level of 30205.
Bitcoin Forecast and Analysis BTC/USD July 16, 2021 suggests an attempt to test the resistance level near the 32605 area. And further, the cryptocurrency will continue to fall with a potential target at 28305. An additional signal in favor of the Bitcoin rate decline will be a test of the resistance line on the relative strength index (RSI). Cancellation of the cryptocurrency fall option will be a strong growth and a breakdown of the 35055 area. This will indicate a continued rise with a potential target above the 38505 area.
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