Bitcoin Forecast and Analysis BTC/USD July 29, 2020



BTC/USD are trading at 10967 and continue to move within the framework of a strong growth and an upward channel. Bitcoin cryptocurrency capitalization at the time of the publication of the forecast is $204 916 408 754. Moving averages indicate the presence of 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 value of the asset. As part of the cryptocurrency rate forecast for tomorrow, July 29, 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 10485 area. Where again should we expect a rebound and an attempt to continue the growth of the Bitcoin rate with a target above the 11655 area.

Bitcoin Forecast and Analysis BTC/USD July 29, 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 area of ​​10025. This will indicate a breakdown of the support area and the continuation of the fall in the Bitcoin rate with a potential target at 9265. With the breakdown of the resistance area and closing of cryptocurrency quotes above the level of 11655, we should expect confirmation of the growth of the rate digital asset.

Bitcoin Forecast and Analysis BTC/USD July 29, 2020

Bitcoin Forecast and Analysis BTC/USD July 29, 2020 suggests an attempt to test the support level near the 10485 area. And further, the cryptocurrency will continue to grow with a potential target at 11655. 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 area of ​​10025. This will indicate a continued decline with a potential target below the area of ​​9265.


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