Bitcoin BTC/USD ends the trading week at 29166, continues to move as part of the development of a correction and a bullish channel. Moving averages indicate a bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of the growth of asset quotes. At the moment, we should expect an attempt to develop a correction in the price of the coin and a test of the support area near the level of 27605. From where we should again expect a rebound upwards and continued growth in the Bitcoin rate with a potential target above the level of 41605.
Bitcoin Weekly Forecast August 7 — 11, 2023
An additional signal in favor of the rise in BTC/USD quotes in the current trading week of August 7 — 11, 2023 will be a rebound from the lower border of the bullish channel. The second signal will be a rebound from the support line on the relative strength index (RSI). Cancellation of the Bitcoin growth option will be a fall and a breakdown of the area of 22765. This will indicate a breakdown of the support area and a continued fall in BTC/USD quotes with a potential target below the level of 19055. A confirmation of the development of a bullish movement will be a breakdown of the resistance area and closing of quotes above the level of 32005.
Bitcoin Weekly Forecast August 7 — 11, 2023 suggests an attempt at the support area near the level of 27605. Then the cryptocurrency will continue to rise to the area above the level of 41605. An additional signal in favor of the rise in the Bitcoin rate in the current trading week will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option for Bitcoin cryptocurrency quotes will be a fall and a breakdown of the area of 22765. In this case, we should expect a continuation of the decline with the target at the level of 19055.
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