BTC/USD are trading at the level of 20142 and continue to move as part of the development of the correction and the formation of the “Triangle” model. The capitalization of the Bitcoin cryptocurrency at the time of the publication of the forecast is $384,574,809,657. Moving averages indicate the presence of a short-term downward trend for Bitcoin. Prices have broken through the area between the signal lines up, which indicates pressure from buyers of Digital Gold and a potential continuation of the growth in the value of the asset already from current levels. As part of the cryptocurrency rate forecast for tomorrow, July 7, 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 20755. 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 16805.
Bitcoin Forecast BTC/USD July 7, 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 “Triangle” pattern. 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 22205. This will indicate a breakdown of the resistance area and continued growth of the Bitcoin rate with a potential target at 24605. The fall in the asset price will be confirmed by a breakdown of the support area with the price fixing below the level of 17905, which will indicate a breakdown of the lower border of the “Triangle” model and the beginning of the pattern with targets at the bottom.
Bitcoin price forecast for July 7, 2022 suggests an attempt to test the resistance level near the area of 20405. And further, the continuation of the fall of the cryptocurrency with a potential target at the level of 14155. An additional signal in favor of the depreciation of Bitcoin will be a test of the resistance line on the relative strength index (RSI).
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