BTC/USD quotes are trading at 52615 and continue to move within the development of the fall and the descending 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 buyers of “Digital Gold” and a potential continuation of the growth in the value of the asset from the current levels. As part of the cryptocurrency rate forecast for tomorrow, August 6, 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 53605 area. From where we should again expect a downward rebound and an attempt to continue the fall of the Bitcoin rate with a target below the 41265 area.
Bitcoin Forecast and Analysis for August 6, 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 descending 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 62105 area. This will indicate a breakout of the resistance area and continued growth of the Bitcoin rate with a potential target at 66505. The confirmation of the asset price fall will be a breakout of the support area with the price fixing below 48865.
Bitcoin Forecast and Analysis for August 6, 2024 suggests an attempt to test the resistance level near the 53605 area. And then, the continuation of the fall of the cryptocurrency with a potential target at 41265. 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 62105 area. This will indicate a continued rise of the coin with a potential target above 66505.
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