BTC/USD quotes are trading at 58352 and continue to move within the correction development and have left the bearish channel. Moving averages indicate the presence of a short-term bearish trend for Bitcoin. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers of “Digital Gold” and a potential continuation of the asset’s fall from current levels. As part of the cryptocurrency rate forecast for tomorrow, August 16, 2024, we should expect an attempt to develop a bearish correction in the value of the digital asset and a test of the support level near the 57345 area. From where we should again expect an upward rebound and an attempt to continue the growth of the Bitcoin rate with a target above the 66565 area.
Bitcoin Forecast and Analysis for August 16, 2024
An additional signal in favor of the growth of BTC/USD quotes will be a test of the support line on the relative strength indicator. The second signal in favor of this option will be a rebound from the upper border of the bearish channel. The cancellation of the growth option for the coin rate and the value of Bitcoin will be a fall in the value of the asset and a breakout of the 48405 area. This will indicate a breakout of the support area and a continuation of the fall of the Bitcoin rate with a potential target at 44605. The growth of the asset price will be confirmed by a breakout of the resistance area with the price fixing above 63205.
Bitcoin Forecast and Analysis for August 16, 2024 suggests an attempt to test the support level near the 57345 area. And then, the continuation of the growth of the cryptocurrency with a potential target at 66565. An additional signal in favor of the rise in the Bitcoin rate will be a test of the support line on the relative strength indicator. The cancellation of the growth option for the digital currency will be a breakout of the 48405 area. This will indicate a continuation of the fall of the coin with a potential target below 44605.
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