BTC/USD quotes are trading at 62719 and continue to move within the framework of growth and have left the limits of the downward channel. Moving averages indicate a short-term bearish trend for Bitcoin. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers of Digital Gold and a potential continuation of growth in the value of the asset from current levels. As part of the cryptocurrency rate forecast for tomorrow, July 16, 2024, we should expect an attempt to develop a correction in the value of the digital asset and a test of the resistance level near the 60505 area. From where we should again expect a rebound upward and an attempt to continue the growth of the Bitcoin rate with a target above the 68205 area.
Bitcoin Forecast and Analysis for July 16, 2024
An additional signal in favor of growth in BTC/USD quotes will be a test of the support line on the relative strength index (RSI). The second signal in favor of this option will be a rebound from the upper border of the downward channel. Cancellation of the option to increase the coin rate and the value of Bitcoin will be a fall in the value of the asset and a breakdown of the area of 55305. This will indicate a breakdown of the support area and a continuation of the decline in the Bitcoin rate with a potential target at the level of 52105. Confirmation of an increase in the price of the asset will be a breakdown of the resistance area with the price consolidating above the level of 63605.
Bitcoin Forecast and Analysis for July 16, 2024 suggests an attempt to test the support level near the area of 60505. And then, continued growth of the cryptocurrency with a potential target at the level of 68205. An additional signal in favor of an increase in the Bitcoin rate will be a test of the support line on the relative strength index. Cancellation of the digital currency growth option will be a breakdown of the 55305 area.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
