Bitcoin Forecast and Analysis July 12 — 16, 2021

Bitcoin BTC/USD ends the trading week at 33574, continues to move as part of the correction and the formation of the ”Triangle” pattern. Moving averages indicate a bullish trend. Prices broke through the area between the signal lines downward, which indicates pressure from the sellers of the asset and a potential continuation of the fall in the asset’s quotes. At the moment, we should expect an attempt to develop a rise and test the resistance area near the level of 37405. Where can we expect a rebound again and the continuation of the fall in the Bitcoin rate with a potential target below the level of 15305.

Bitcoin Forecast and Analysis July 12 — 16, 2021

An additional signal in favor of a fall in BTC/USD quotes in the current trading week on July 12 — 16, 2021 will be a rebound from the upper border of the ”Triangle” model. The second signal will be a rebound from the downtrend line on the relative strength index (RSI). Cancellation of the Bitcoin decline option will be a strong growth and a breakdown of the 45405 area. This will indicate a breakdown of the resistance area and a continued rise in BTC/USD quotes with a potential target above the level of 60505. Confirmation of the development of a downward movement will be a breakdown of the support area and closing of quotations below the level of 23505, which will indicate breakdown of the lower boundary of the ”Triangle” model.

Bitcoin Forecast and Analysis July 12 — 16, 2021

Bitcoin Forecast and Analysis July 12 — 16, 2021 imply an attempt at a resistance area near the level of 37405. Then, the cryptocurrency will continue to fall to the area below the level of 15305. An additional signal in favor of a decline 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 option to reduce Bitcoin cryptocurrency quotes will be a strong growth and a breakdown of the 45405 area. In this case, we should expect a continuation of the rise with the target at 60505.

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