BTC/USD are trading at 20394 and continue to move as part of the development of the fall and the downward channel. The capitalization of the Bitcoin cryptocurrency at the time of the publication of the forecast is $379,498,831,674. Moving averages indicate a short-term bearish trend for Bitcoin. Prices have broken through the area between the signal lines down, which indicates pressure from the sellers of “Digital Gold” and a potential continuation of the fall in the value of the asset already from current levels. As part of the cryptocurrency rate forecast for tomorrow, August 31, 2022, we should expect an attempt to develop a correction in the value of a digital asset and a test of the resistance level near the area of 20955. From where we should again expect a rebound down and an attempt to continue the fall of the Bitcoin rate with a target below the area of 16585.
Bitcoin Forecast BTC/USD August 31, 2022
An additional signal in favor of falling BTC/USD quotes will be a test of the trend line on the relative strength index (RSI). The second signal in favor of this option will be a rebound from the upper border of the descending channel. Cancellation of the option of falling in the exchange rate and the cost of Bitcoin will be a strong increase in the value of the asset and a breakdown of the area of 23505. This will indicate a breakdown of the resistance area and continued growth of the Bitcoin rate with a potential target at the level of 25605. Confirmation of the fall in the price of the asset will be a breakdown of the support area with the price fixing below the level of 18055.
Bitcoin Forecast BTC/USD August 31, 2022 suggests an attempt to test the resistance level near the area of 20955. And further, the cryptocurrency will continue to fall with a potential target at 16585. An additional signal in favor of the Bitcoin price decline will be a test of the resistance line on the relative strength index (RSI). Cancellation of the option to reduce the digital currency will be a breakdown of the area of 23505. This will indicate a continuation of the rise with a potential target above the area of 25605.
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