BTC/USD quotes are trading at 58892 and continue to move within the development of the correction and the formation of the reversal pattern “Head and Shoulders”. 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 fall in the value of the asset from the current levels. As part of the cryptocurrency rate forecast for tomorrow, September 4, 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 area of 61865. From where we should again expect a rebound downwards and an attempt to continue the fall of the Bitcoin rate with a target below the area of 51445.
Bitcoin Forecast and Analysis for September 4, 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 upper border of the reversal pattern “Head and Shoulders”. The cancellation of the option with the fall in the coin rate and the cost of Bitcoin will be a strong increase in the value of the asset and a breakout of the 66205 area. This will indicate a breakout of the resistance area and continued growth of the Bitcoin rate with a potential target at 73665. Confirmation of the fall in the asset price will be a breakout of the support area with the price fixing below 54665, which will indicate a breakout of the lower border of the reversal pattern and the beginning of the pattern with targets below.
Bitcoin Forecast and Analysis for September 4, 2024 suggests an attempt to test the resistance level near the 61865 area. And then, the continuation of the fall of the cryptocurrency with a potential target at 51445. 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 digital currency fall option will be a breakout of the 66205 area. This will indicate a continued rise in the coin with a potential target above the 73665 mark.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
