BTC/USD quotes are trading at 59179 and continue to move within the framework of the correction development and the formation of the “Triangle” model. 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 asset value from the current levels. As part of the cryptocurrency rate forecast for tomorrow, August 22, 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 58205 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 67665 area.
Bitcoin Forecast and Analysis for August 22, 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 “Triangle” model. The cancellation of the option with the growth of the coin rate and the cost of Bitcoin will be a fall in the value of the asset and a breakout of the 54505 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 51505. Confirmation of the growth of the asset price will be a breakout of the resistance area with the price fixing above the 62205 mark, which will indicate a breakout of the upper border of the “Triangle” pattern and the beginning of the pattern with targets at the top.
Bitcoin Forecast and Analysis for August 22, 2024 suggests an attempt to test the support level near the 58205 area. And then, the continuation of the fall of the cryptocurrency with a potential target at 67665. 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 54505 area will cancel the growth option for the digital currency. This will indicate a continued fall of the coin with a potential target below the 51505 mark.
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