Bitcoin completes the trading week near the 26459 area. BTC/USD quotes are traded below the lower border of the Ichimoku Kinko Hyo Cloud. This indicates a medium-term bearish trend for Bitcoin. As part of the cryptocurrency exchange rate forecast for the week August 21 — 25, 2023. A correction is expected to develop and a test of the lower border of the Ichimoku Kinko Hyo indicator Cloud near the level of 27885. Where should we expect an attempt to rebound down and continue the fall of the Bitcoin rate against the US Dollar with a target below the level of 21565.
Bitcoin Forecast August 21 — 25, 2022
An additional signal in favor of the fall of the leading digital asset in the current trading week will be a test of the upper limit of the descending channel. The second signal will be a rebound from the resistance area on the Bitcoin price chart. Earlier, a weak signal for selling the coin was received. The signal was formed due to the crossing of the signal lines at the level of 30065. The nearest resistance area on the Bitcoin chart is at the level of 27905. The support area for Bitcoin is at the level of 24065.
Cancellation of the option of falling Bitcoin quotes will be a breakdown of the upper boundary of the indicator Cloud and closing of the price above the level of 30605. This will indicate a change in the bearish trend in favor of the bullish trend and continued growth in the value of the asset. Expect confirmation of the fall in BTC/USD quotes with a breakdown of the support area and closing of the price below the level of 25065, which will indicate a breakdown of the lower limit of the bullish channel.
Bitcoin Forecast August 21 — 25, 2022 suggests an attempt to develop a correction to the level of 27885. Where can we expect a rebound upwards and a continued fall of the cryptocurrency with a potential target near the level of 21565. A test of the resistance level on the Bitcoin price chart will come out in favor of the decrease. Cancellation of the fall option will be a strong growth and a breakdown of the 30605 area. In this case, we should expect the Bitcoin rate to continue to rise with a potential target at the level of 34505.
