BTC/USD quotes are trading at 57546 and continue to move as part of the fall and the formation of a reversal pattern. Moving averages indicate 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 value of the asset from current levels. As part of the cryptocurrency rate forecast for tomorrow, July 12, 2024, we should expect an attempt to develop an increase in the value of the digital asset and a test of the resistance level near the 58465 area. From where we should again expect a downward rebound and an attempt to continue to reduce the Bitcoin rate with a target below the 52775 area.
Bitcoin Forecast and Analysis for July 12, 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 index (RSI). The second signal in favor of this option will be a rebound from the upper boundary of the “Wedge” reversal pattern. Cancellation of the option to reduce the price of the coin and the value of Bitcoin will be a strong increase in the value of the asset and a breakdown of the area of 62045. This will indicate a breakdown of the resistance area and continued growth of the Bitcoin rate with a potential target at the level of 66505. Confirmation of a decrease in the price of the asset will be a breakdown of the support area with the price consolidating below the level of 55045.
Bitcoin Forecast and Analysis for July 12, 2024 suggests an attempt to test the resistance level near the area of 58465. And then, a continuation of the fall of the cryptocurrency with a potential target at the level of 52775. An additional signal in favor of a decrease in the Bitcoin rate will be a test of the resistance line on the relative strength index. Cancellation of the digital currency fall option will be a breakdown of the 6204 area. This will indicate continued growth of the coin with a potential target above 68205.
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