Bitcoin BTC/USD ends the trading week at 29291, continues to move as part of the development of a correction and a bullish channel. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines up, 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 27365. From where we should again expect a rebound upwards and continued growth in the Bitcoin rate with a potential target above the level of 44275.
Bitcoin Weekly Forecast July 31 — August 4, 2023
An additional signal in favor of the rise in BTC/USD quotes in the current trading week July 31 — August 4, 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 22505 area. 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 18065. 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 34065.
Bitcoin Weekly Forecast July 31 — August 4, 2023 suggests an attempt at the support area near the level of 27365. Then the cryptocurrency will continue to rise to the area above the level of 44275. 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 22505. In this case, we should expect a continuation of the decline with the target at the level of 18065.
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