Bitcoin BTC/USD ends the trading week at 21404, continues to move within the correction and the downward channel. There is a potential for the formation of a descending “Descent Flag” pattern, in case of a downward breakdown of such a pattern, it is worth considering an aggressive continuation of the fall with deep targets below. Moving averages indicate a bearish trend. Prices have broken through the area between the signal lines, which indicates pressure from sellers of the asset and a potential continuation of the fall in asset quotes. At the moment, we should expect an attempt to develop a fall in the price of the coin and a test of the resistance area near the level of 22005. From where we should again expect a rebound down and a continuation of the fall in the Bitcoin rate with a potential target below the level of 8055.
Bitcoin Weekly Forecast August 29 — September 2, 2022
An additional signal in favor of the fall of BTC/USD quotes in the current trading week August 29 — September 2, 2022 will be a rebound from the upper border of the descending channel. The second signal will be a rebound from the resistance line on the relative strength index (RSI). Cancellation of the fall option for Bitcoin will be a strong growth and a breakdown of the 28505 area. This will indicate a breakdown of the resistance area and continued growth of BTC/USD quotes with a potential target above the level of 34505. A confirmation of the development of the downward movement will be a breakdown of the support area and closing of quotes below the level of 18505, which will indicate breakdown of the lower border of the descending “Descent Flag” pattern and the beginning of this pattern.
Bitcoin Weekly Forecast August 29 — September 2, 2022 suggests an attempt at a resistance area near the level of 22005. Then the cryptocurrency will continue to fall to the area below the level of 8055. An additional signal in favor of the fall in the Bitcoin rate in the current trading week will be a test of the trend line on the relative indicator strength. Cancellation of the option to reduce the quotes of the Bitcoin cryptocurrency will be a strong growth and a breakdown of the area of 28505. In this case, we should expect a continuation of the rise with the target at the level of 34505.
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