BTC/USD quotes are trading at 59892 and continue to move within the development of a strong correction and a bullish channel. Moving averages indicate the presence of a short-term bullish trend for Bitcoin. Prices have broken through the area between the signal lines upwards, which indicates pressure from buyers of “Digital Gold” and a potential continuation of the growth of the asset value from the current levels. As part of the cryptocurrency rate forecast for tomorrow, August 29, 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 58445 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 70305 area.
Bitcoin Forecast and Analysis for August 29, 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 bullish 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 area of 57665 is broken. This will indicate a breakdown of the support area and a continuation of the fall of the Bitcoin rate with a potential target at 52875. The growth of the asset price will be confirmed by a breakdown of the resistance area with the price fixing above 67205, which will indicate a breakdown of the upper border of the descending channel.
Bitcoin Forecast and Analysis for August 29, 2024 suggests an attempt to test the support level near the area of 58445. And then, the continuation of the fall of the cryptocurrency with a potential target at the level of 70305. An additional signal in favor of the rise of the Bitcoin rate will be a test of the support line on the relative strength indicator. The option of the growth of the digital currency will be cancelled if the area of 57665 is broken. This will indicate a continuation of the fall of the coin with a potential target below the mark of 52875.
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