BTC/USD quotes are trading at 55875 and continue to move within the fall and downward channel. 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 forecast for the cryptocurrency rate for tomorrow, July 9, 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 57705 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 48265 area.
Bitcoin Forecast and Analysis for July 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 index (RSI). The second signal in favor of this option will be a rebound from the upper border of the “Triangle” model. Cancellation of the option to reduce the exchange rate 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 61205. This will indicate a breakdown of the resistance area and continued growth of the Bitcoin rate with a potential target at 65605. 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 53805 , which will indicate a breakdown of the lower boundary of the model and the start of working out with targets below.
Bitcoin Forecast and Analysis for July 9, 2024 suggests an attempt to test the resistance level near the area of 57705. And then, a continuation of the fall of the cryptocurrency with a potential target at the level of 48265. 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 option for the digital currency to fall will be a breakdown of the 61205 area. This will indicate continued growth of the coin with a potential target above 65605.
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