BTC/USD quotes are trading at 56833 and continue to move within the development of the fall and the descending 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 fall in the value of the asset from the current levels. As part of the cryptocurrency rate forecast for tomorrow, September 5, 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 58805 area. 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 51945 area.
Bitcoin Forecast and Analysis for September 5, 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 descending channel. 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 61205 area. This will indicate a breakout of the resistance area and continued growth of the Bitcoin rate with a potential target at 65605. A breakout of the support area with a price consolidation below 54805 will confirm the fall in the asset price.
Bitcoin Forecast and Analysis for September 5, 2024 suggests an attempt to test the resistance level near the 58805 area. And then, a continuation of the fall of the cryptocurrency with a potential target at 51945. 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 61205 area. This will indicate a continuation of the rise of the coin with a potential target above 65605.
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