BTC/USD quotes are trading at 57401 and continue to move within the correction development and have left the bullish channel. Moving averages indicate the presence of 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 asset’s fall from current levels. As part of the cryptocurrency rate forecast for tomorrow, September 3, 2024, we should expect an attempt to develop a bullish correction in the value of the digital asset and a test of the resistance level near the 58565 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 48915 area.
Bitcoin Forecast and Analysis for September 3, 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 lower border of the bullish channel, which was broken down by sellers. The cancellation of the option with a fall in the coin rate and the cost of Bitcoin will be a strong increase in the asset value and a breakout of the 65865 area. This will indicate a breakout of the resistance area and continued growth of the Bitcoin rate with a potential target at 73405. Confirmation of the fall in the asset price will be a breakout of the support area with the price fixing below 55205.
Bitcoin Forecast and Analysis for September 3, 2024 suggests an attempt to test the resistance level near the 58565 area. And then, a continuation of the fall of the cryptocurrency with a potential target at 48915. 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 cancellation of the option of a fall in the digital currency will be a breakout of the 65865 area. This will indicate a continuation of the rise of the coin with a potential target above 73405.
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