BTC/USD quotes are trading at 58343 and continue to move within the development of the correction and 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 fall in the value of the asset from the current levels. As part of the cryptocurrency rate forecast for tomorrow, August 20, 2024, we should expect an attempt to develop a bullish correction in the value of the digital asset and a test of the resistance level near the 57345 area. From where we should again expect a rebound downwards and an attempt to continue the fall of the Bitcoin rate with a target below the 50405 area.
Bitcoin Forecast and Analysis for August 20, 2024
An additional signal in favor of a decrease in BTC/USD quotes will be a test of the resistance 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 option of falling coin rate and Bitcoin price will be a strong growth of the asset price and a breakout of the 63205 area. This will indicate a breakout of the resistance area and continued growth of the Bitcoin rate with a potential target at 67505. The confirmation of the asset price fall will be a breakout of the support area with the price fixing below 53905.
Bitcoin Forecast and Analysis for August 20, 2024 suggests an attempt to test the resistance level near the 57345 area. And then, the continuation of the fall of the cryptocurrency with a potential target at 50405. An additional signal in favor of the decline of the Bitcoin rate will be a test of the resistance line on the relative strength indicator. The cancellation of the option of falling digital currency will be a breakout of the 63205 area. This will indicate continued growth of the coin with a potential target above 67505.
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