#BTC #Bitcoin #MarketDownturn #HotTrends
BTC/USD quotes are trading at 58833 and continue to move within the development of the fall and the descending channel. Moving averages indicate the presence of a short-term bearish trend for Bitcoin. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers of "Digital Gold" and a potential continuation of the fall in the value of the asset from the current levels. As part of the cryptocurrency rate forecast for tomorrow, August 14, 2024, we should expect an attempt to develop growth in the value of the digital asset and a test of the resistance level near the area of 59365. From where we should again expect a rebound downwards and an attempt to continue the fall of the Bitcoin rate with a target below the area of 50765.
An additional signal in favor of a decrease in BTC/USD quotes will be a test of the resistance line on the relative strength indicator. The second signal in favor of this option will be a rebound from the upper border of the bearish channel. The cancellation of the option of a fall in the coin rate and the cost of Bitcoin will be a strong increase in the value of the asset and a breakout of the 63405 area. This will indicate a breakout of the resistance area and continued growth of the Bitcoin rate with a potential target at 67675. A breakout of the support area with the price fixing below the 55965 mark will confirm the fall in the asset price.
Thus, the BTC/USD Bitcoin rate forecast for August 14, 2024 suggests an attempt to test the resistance level near the 59365 area. And then, the cryptocurrency will continue to fall with a potential target at 50765. An additional signal in favor of a decrease in the Bitcoin rate will be a test of the resistance line on the relative strength indicator. The cancellation of the option of a fall in the digital currency will be a breakout of the 63405 area. This will indicate continued growth of the coin with a potential target above the 67675 mark.
