The BTC/USD quotes are trading at 29334 and continue to move as part of a sideways correction and a bullish channel. The capitalization of the Bitcoin cryptocurrency at the time of the publication of the forecast is $569,969,548,962. Moving averages indicate a short-term bearish trend for Bitcoin. Prices have broken through the area between the signal lines upwards, which indicates pressure from buyers of Digital Gold and a potential continued growth in the value of the asset already from current levels. As part of the cryptocurrency rate forecast for tomorrow, August 16, 2023, we should expect an attempt to develop a correction in the value of a digital asset and a test of the support level near the area of 29265. From where we should again expect a rebound upwards and an attempt to continue the growth of the Bitcoin rate with a target above the area of 33545.
Bitcoin Forecast for August 16, 2023
An additional signal in favor of the growth of BTC/USD quotes will be a test of the support line on the relative strength index (RSI). The second signal in favor of this option will be a rebound from the lower border of the bullish channel. Cancellation of the option of raising the exchange rate of the coin and the value of Bitcoin will be a fall in the value of the asset and a breakdown of the area of 28205. This will indicate a breakdown of the support area and a continued fall in the exchange rate of Bitcoin with a potential target at 26775. A confirmation of the growth in the price of the asset will be a breakdown of the resistance area with the price fixing above the level of 31505, which will indicate a breakdown of the upper border of the bearish correction channel.
Bitcoin Forecast for August 16, 2023 suggests an attempt to test the support level near the area of 29265. And further, the continued growth of the cryptocurrency with a potential target at 33545. An additional signal in favor of the rise in the Bitcoin rate will be a test of the support line on the relative strength index (RSI). Cancellation of the digital currency growth option will be a breakdown of the 28205 area. This will indicate a continued fall of the coin with a potential target below the 26775 area.
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