The BTC/USD quotes are trading at 29086 and continue to move as part of the fall and left the bullish channel. The capitalization of the Bitcoin cryptocurrency at the time of the publication of the forecast is $566,780,152,560. Moving averages indicate a short-term bullish 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 4, 2023, we should expect an attempt to develop a rise in the value of a digital asset and a test of the resistance level near the 29565 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 25865 area.
Bitcoin Forecast for August 4, 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 lower border of the bullish channel. Cancellation of the option of a fall 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 30675. This will indicate a breakdown of the resistance area and continued growth of the Bitcoin exchange rate with a potential target at 32805. The fall in the asset price will be confirmed by a breakdown of the support area with the price fixing below the level of 27905.
Bitcoin Forecast for August 4, 2023 suggests an attempt to test the resistance level near the area of 29565. And then, the cryptocurrency will continue to fall with a potential target at 25865. 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 30675. This will indicate a continued growth of the coin with a potential target above the area of 32805.
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