BTC/USD quotes are trading at 64871 and continue to move within the framework of the correction development and the formation of the “Wedge” reversal pattern. 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 the buyers of “Digital Gold” and a potential continuation of the asset’s value growth from the current levels. As part of the cryptocurrency rate forecast for tomorrow, August 2, 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 63965 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 68695 area.
Bitcoin Forecast and Analysis for August 2, 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 lower border of the “Wedge” reversal pattern. The cancellation of the growth option for the coin rate and the cost of Bitcoin will be a fall in the value of the asset and a breakout of the 62105 area. This will indicate a breakout of the support area and a continuation of the decline in the Bitcoin rate with a potential target at 57605. The growth of the asset price will be confirmed by a breakout of the resistance area with the price fixing above 65705, which will indicate a breakout of the upper border of the “Wedge” reversal pattern and the beginning of the pattern with targets at the top.
Bitcoin Forecast and Analysis for August 2, 2024 suggests an attempt to test the support level near the 63965 area. And then, the continuation of the growth of the cryptocurrency with a potential target at 68695. 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 breakout of the 62105 area will cancel the growth option for the digital currency. This will indicate a continued decline in the coin with a potential target below the 57605 mark.
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