Cryptocurrency Bitcoin is trading at the level of 29188 continues to move as part of the development of the fall. BTC/USD quotes are below the lower border of the Ichimoku Kinko Hyo indicator cloud. This suggests a short-term bearish trend for the digital asset. As part of the Bitcoin price forecast for August 17, 2023. The development of a correction in the value of the asset and a test of the lower border of the Ichimoku indicator cloud near the level of 29405 are expected. Where should we expect a rebound down and an attempt to continue the fall of the Bitcoin cryptocurrency with a potential target at the level of 27905.
Bitcoin Forecast and Analysis for August 17, 2023
An additional signal in favor of the fall of the BTC/USD cryptocurrency will be a test of the resistance area on the coin price chart. The second signal will be a rebound from the upper border of the descending channel. Earlier, a strong signal was received for the sale of the Bitcoin cryptocurrency. The signal was formed due to the crossing of the signal lines at the level of 29305. The nearest resistance area for BTC/USD on the chart is at the level of 29575. The support area for Bitcoin is at the level of 28505.
The cancellation of this option for the fall in the value of the digital asset Bitcoin tomorrow will be the fall and breakdown of the upper border of the Ichimoku indicator Cloud with the closing of quotes above the level of 29975. This option will indicate a change in the bearish trend in favor of the bullish trend and the continued growth of the Bitcoin exchange rate against the US Dollar on August 17, 2023. Expect an acceleration in the fall of BTC/USD quotes with a breakdown of the support area and closing of the price below the level of 28765, which will indicate a breakdown of the lower border of the bullish correction channel.
Bitcoin Forecast and Analysis for August 17, 2023 suggests an attempt to develop a cryptocurrency correction and a test of the resistance level near the area of 29405. Where should one consider the continuation of the fall in the Bitcoin rate with a potential target near the level of 27905. Cancellation of the reduction option will be a strong increase in the value of the asset and breakdown of the area of 29975. This will indicate continued growth with a potential target near the level of 32605.
