The BTC/USD quotes are trading at 29121 and continue to move within the correction and the bullish channel. The capitalization of the Bitcoin cryptocurrency at the time of the publication of the forecast is $566,798,020,596. Moving averages indicate a short-term bearish trend for Bitcoin. Prices have broken through the area between the dybp signal lines, which indicates pressure from Digital Gold buyers 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 17, 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 28765. 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 32505.
Bitcoin Forecast for August 17, 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 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 28165. This will indicate a breakdown of the support area and a continued fall in the rate of Bitcoin with a potential target at the level of 26705. 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 30505, which will indicate a breakdown of the upper border of the bearish correction channel.
Bitcoin Forecast for August 17, 2023 suggests an attempt to test the support level near the area of 28765. And further, the continued growth of the cryptocurrency with a potential target at the level of 32505. 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 28165 area. This will indicate a continued fall of the coin with a potential target below the 26705 area.
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