BTC/USD quotes are trading at 60893 and continue to move within the growth development and have left the bearish correction channel. Moving averages indicate the presence of 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 potential continuation of the asset’s value growth from the current levels. As part of the cryptocurrency rate forecast for tomorrow, August 21, 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 57985 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 68205 area.
Bitcoin Forecast and Analysis for August 21, 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 option with the growth of the coin rate and the cost of Bitcoin will be cancelled if the asset value falls and the 63205 area is broken. This will indicate a breakout of the support area and a continuation of the Bitcoin rate fall with a potential target at 58605. The asset price growth will be confirmed by a breakout of the resistance area with the price fixing above 61665.
Bitcoin Forecast and Analysis for August 21, 2024 suggests an attempt to test the support level near the 57985 area. And then, the cryptocurrency will continue to fall with a potential target at 68205. 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 option of the digital currency growth will be cancelled if the 63205 area is broken. This will indicate a continuation of the coin fall with a potential target below 58605.
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