The BTC/USD quotes are trading at 26090 and continue to move within the correction and the bearish channel. The capitalization of the Bitcoin cryptocurrency at the time of the publication of the forecast is $508,529,423,397. 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 29, 2023, we should expect an attempt to develop a bullish correction in the value of a digital asset and a test of the resistance level near the 27165 area. 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 22565 area.
Bitcoin Forecast for August 29, 2023
An additional signal in favor of falling BTC/USD quotes will be a test of the resistance 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 bearish channel. Cancellation of the option of falling in the exchange rate of the coin and the cost of Bitcoin will be a strong increase in the value of the asset and a breakdown of the area of 28605. This will indicate a breakdown of the resistance area and continued growth of the Bitcoin exchange rate with a potential target at 32605. 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 24800.
Bitcoin Forecast for August 29, 2023 suggests an attempt to test the resistance level near the area of 27165. And further, the cryptocurrency will continue to fall with a potential target at 22565. 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 of falling digital currency will be a breakdown of the area of 28605. This will indicate a continued growth of the coin with a potential target above the area of 32605.
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