Bitcoin BTC/USD ends the trading week at 67012 and continues to move within the development of growth and a bullish channel. Moving averages indicate the presence of a bullish trend. Prices have broken through the area between the signal lines upwards, which indicates pressure from asset buyers and a potential continuation of the asset’s quotes growth. At the moment, we should expect an attempt to develop a bearish correction in the coin price and a test of the support area near the level of 56905. From where we should again expect an upward rebound and continued growth of the Bitcoin rate with a potential target above the level of 85045.
Bitcoin Forecast and Analysis July 29 — August 2, 2024
An additional signal in favor of the growth of BTC/USD quotes in the current trading week of July 29 — August 2, 2024 will be a rebound from the lower border of the bullish channel. The second signal will be a rebound from the support line on the relative strength indicator (RSI). The Bitcoin fall option can be cancelled if it falls and breaks through the 53045 area. This will indicate a breakout of the support area and continued decline in BTC/USD quotes with a potential target below 47505. The development of the bullish movement will be confirmed by a breakout of the support area and closing of quotes above 68045, which will indicate a breakout of the upper boundary of the downward correction channel.
Bitcoin Forecast and Analysis July 29 — August 2, 2024 suggests an attempt to reach the support area near the 56905 level. Then, the cryptocurrency will continue to grow to the area above 85045. An additional signal in favor of a rise in the Bitcoin rate this trading week will be a test of the trend line on the relative strength indicator. The Bitcoin cryptocurrency quotes growth option can be cancelled if it falls and breaks through the 53045 area. In this case, we should expect a continued decline with a target at 47505.
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