BTC/USD quotes are trading at 55102 and continue to move within the development of the correction and the formation of the bullish “Wolf Wave” pattern. 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 of the asset value from the current levels. As part of the cryptocurrency rate forecast for tomorrow, August 7, 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 51425 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 62365 area.
Bitcoin Forecast and Analysis for August 7, 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 “Wolf Wave” pattern. The cancellation of the growth option for the coin rate and the value of Bitcoin will be a fall in the value of the asset and a breakout of the 47605 area. This will indicate a breakout of the support area and a continuation of the fall in the Bitcoin rate with a potential target at 42405. The growth of the asset price will be confirmed by a breakout of the resistance area with the price fixing above 58805, which will indicate a breakout of the upper border of the descending channel.
Bitcoin Forecast and Analysis for August 7, 2024 suggests an attempt to test the support level near the 51425 area. And then, the continuation of the growth of the cryptocurrency with a potential target at 62365. 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 cancellation of the growth option for the digital currency will be a breakout of the 47605 area. This will indicate a continuation of the fall of the coin with a potential target below 42405.
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