Bitcoin completes the trading week near the area of 25994. 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 September 4 — 8, 2023. It is expected to develop a correction and test the area of the signal lines of the Ichimoku Kinko Hyo indicator near the level of 26765. Where should we expect an attempt to rebound down and continue to fall in the Bitcoin rate against the US Dollar with a target below the level of 21645.
Bitcoin Forecast September 4 — 8, 2023
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 27865. The support area for Bitcoin is at the level of 25305.
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 30675. This will indicate a change in the bearish trend in favor of the bullish trend and continued growth in the value of the asset. It is worth waiting for confirmation of the fall in BTC/USD quotes with a breakdown of the support area and closing the price below the level of 25105.
Bitcoin Forecast September 4 — 8, 2023 suggests an attempt to develop a correction to the level of 26765. Where can we expect a rebound upwards and a continued fall of the cryptocurrency with a potential target near the level of 21645. 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 30675 area. In this case, we should expect the Bitcoin rate to continue to rise with a potential target at the level of 33605.
