Bitcoin BTC/USD ends the trading week at 11325 and continues to move as part of strong growth and the beginning of the development of the «Triangle» model. Moving averages indicate a bullish trend. Prices went up from the area between the signal lines, which indicates pressure from the buyers of the asset and the potential continued growth of the asset’s quotes. At the moment, we should expect an attempt to develop a correction and test the support area near the level of 9960. Where can we expect a rebound and continued growth in the Bitcoin exchange rate with a potential target above the level of 13455.
An additional signal in favor of the growth of BTC/USD quotes in the current trading week August 3 — 7, 2020 will be a rebound from the upper border of the «Triangle» model. 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 8205 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 7055. Confirmation of the development of an upward trend will be a breakdown of the resistance area and closing of quotations above the level of 11855.
Bitcoin Forecast and Analysis August 3 — 7, 2020 suggests an attempt to support area near the level of 9960. Then, the cryptocurrency will continue to grow to the area above the level of 13455. An additional signal in favor of the rise in the Bitcoin rate in the current trading week will be a test of the support 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 8205 area. In this case, we should expect a continuation of the fall with the target at 7055.