Bitcoin BTC/USD ends the trading week at the level of 61445 and continues to move as part of the development of the correction and the formation of the “Triangle” pattern. Moving averages indicate a bullish trend. Prices are testing the area between the signal lines, which indicates pressure from buyers of the asset and a potential continued growth in the asset’s quotes. At the moment, we can expect an attempt to develop a correction in the price of the coin and a test of the support area near the level of 56205. From where we can again expect a rebound upward and continued growth of the Bitcoin rate with a potential target above the level of 83405.
Bitcoin Forecast and Analysis July 1 — 5, 2024
An additional signal in favor of an increase in BTC/USD quotes in the current trading week of July 1 — 5, 2024 will be a rebound from the lower border of the “Triangle” model. The second signal will be a rebound from the support line on the relative strength indicator (RSI). Cancellation of the Bitcoin growth option will be a fall and a breakdown of the area of 53505. This will indicate a breakdown of the support area and a continued fall in BTC/USD quotes with a potential target below the level of 47305. Confirmation of the development of a bullish movement will be a breakdown of the resistance area and closing of quotes above the level of 74705, which will indicate a breakdown the upper border of the “Triangle” model and the beginning of working out the pattern with targets at the top.
Bitcoin Forecast and Analysis July 1 — 5, 2024 assumes an attempt at the support area near the level of 56205. Then the cryptocurrency will continue to grow to the area above the level of 83405. An additional signal in favor of an increase in the Bitcoin rate in the current trading week will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to increase Bitcoin cryptocurrency quotes will be a fall and a breakdown of the area of 53505. In this case, we should expect a continuation of the decline with a target at the level of 47305.
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