BTC/USD quotes are trading at 66839 and continue to move within the framework of growth and have left the limits of the downward channel. Moving averages indicate a short-term bullish 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 23, 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 63305 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 76405 area.
Bitcoin Forecast and Analysis for July 23, 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 lower border of the bullish 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 59865. This will indicate a breakdown of the support area and a continued decline in the Bitcoin rate with a potential target at the level of 54905. Confirmation of the increase in the price of the asset will be a breakdown of the resistance area with the price consolidating above the level of 70265, which will indicate a breakdown of the upper boundary of the downward channel.
Bitcoin Forecast and Analysis for July 23, 2024 assumes an attempt to test the support level near the area of 63305. And then, continued growth of the cryptocurrency with a potential target at the level of 76405. 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 growth option for the digital currency will be a breakdown of the 59865 area. This will indicate a continued decline in the coin with a potential target below 54905.
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