BTC/USD are trading at 37401 and continue to move as part of the rise and the formation of a “Double Bottom” reversal pattern. The capitalization of the Bitcoin cryptocurrency at the time of the publication of the forecast is $706,005,213,521. Moving averages indicate a short-term bearish trend for Bitcoin. Prices have broken through the area between the signal lines upwards, 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, July 28, 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 36355 area. Where again should we expect a rebound and an attempt to increase the Bitcoin rate with a target above the 49565 area.
Bitcoin Forecast and Analysis BTC/USD July 28, 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 32105 area. This will indicate a breakdown of the support area and the continuation of the fall in the Bitcoin exchange rate with a potential target at 27505. Confirmation of the rise in the asset price will be a breakdown of the resistance area with the price fixing above 43055.
Bitcoin Forecast and Analysis BTC/USD July 28, 2021 suggests an attempt to test the support level near the 36355 area. And further, the cryptocurrency will continue to grow with a potential target at 49565. 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 32105 area. This will indicate a continued decline with a potential target below the 27505 area.
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