Bitcoin BTC/USD ends the trading week at 23564, continues to move within the correction and the downward channel. There is potential for a top-down Flag pattern to form. Moving averages indicate a bearish trend. Prices have broken through the area between the signal lines down, which indicates pressure from sellers of the asset and a potential continuation of the fall in asset quotes. At the moment, we should expect an attempt to develop a fall in the price of the coin and test the resistance area near the level of 26455. From where we should again expect a rebound down and a continuation of the fall in the Bitcoin rate with a potential target below the level of 9405.
Bitcoin Weekly Forecast August 1 — 5, 2022
An additional signal in favor of falling BTC/USD quotes in the current trading week August 1 — 5, 2022 will be a rebound from the upper border of the descending channel. The second signal will be a rebound from the resistance line on the relative strength index (RSI). Cancellation of the Bitcoin fall option will be a strong growth and a breakdown of the area of 30505. This will indicate a breakdown of the resistance area and continued growth of BTC/USD quotes with a potential target above the level of 37405. The development of the downward movement will be confirmed by a breakdown of the support area and closing of quotes below the level of 19105, which will indicate breakdown of the lower boundary of the descending “Flag” pattern.
Bitcoin Weekly Forecast August 1 — 5, 2022 suggests an attempt at a resistance area near the level of 26455. Then the cryptocurrency will continue to fall to the area below the level of 9405. An additional signal in favor of the fall of 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 the quotes of the Bitcoin cryptocurrency will be a strong growth and a breakdown of the area of 30505. In this case, we should expect a continuation of the rise with the target at the level of 37405.