BTC/USD quotes are trading at 57550 and continue to move within the framework of the correction development and the formation of the “Wedge” reversal pattern. Moving averages indicate the presence of a short-term bearish trend for Bitcoin. Prices are again testing the area between the signal lines, 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 9, 2024, we should expect an attempt to develop a bullish correction in the value of the digital asset and a test of the support level near the 59205 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 50865 area.
Bitcoin Forecast and Analysis for August 9, 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 “Wedge” reversal pattern. 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 62305 area. This will indicate a breakout of the resistance area and continued growth of the Bitcoin rate with a potential target at 65605. The fall of the asset price will be confirmed by a breakout of the support area with the price fixing below 54355, which will indicate a breakout of the lower border of the “Wedge” reversal pattern and the beginning of the pattern with targets below.
Bitcoin Forecast and Analysis for August 9, 2024 suggests an attempt to test the resistance level near the 59205 area. And then, the continuation of the fall of the cryptocurrency with a potential target at 50865. An additional signal in favor of a decrease in the Bitcoin rate will be a test of the resistance line on the relative strength indicator. The breakdown of the 62305 area will cancel the option of the digital currency falling. This will indicate continued growth of the coin with a potential target above the 65605 mark.
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