Bitcoin BTC/USD ends the trading week at the level of 54379 and continues to move as part of the development of the fall and the completion of the formation of the Double Top reversal 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 bullish correction in the price of the coin and a test of the resistance area near the level of 56305. From where we can again expect a downward rebound and a continuation of the fall in the Bitcoin rate with a potential target below the level of 40265.
Bitcoin Forecast and Analysis July 8 — 12, 2024
An additional signal in favor of a decrease in BTC/USD quotes in the current trading week of July 8 — 12, 2024 will be a rebound from the lower boundary of the bullish channel. The second signal will be a rebound from the resistance line on the relative strength indicator (RSI). Cancellation of the Bitcoin fall option will be a strong growth and a breakdown of the 66205 area. This will indicate a breakdown of the resistance area and continued growth of BTC/USD quotes with a potential target above the level of 72305. Confirmation of the development of a bearish movement will be a breakdown of the support area and closing of quotes below the level of 53305.
Bitcoin Forecast and Analysis July 8 — 12, 2024 assumes an attempt at the resistance area near the level of 56305. Then, the continued fall of the cryptocurrency to the area below the level of 40265. An additional signal in favor of a decrease 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 of falling Bitcoin cryptocurrency quotes will be a strong growth and breakdown of the area of 66205. In this case, we should expect continued growth with a target at the level of 72305.
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