Bitcoin completes the trading week near the area of 20078. BTC/USD quotes are traded below the lower boundary 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 of September 5 — 9, 2022. A bullish correction is expected to develop and a test of the lower border of the Ichimoku Kinko Hyo indicator cloud near the level of 21305 is expected. 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 13505.
Bitcoin Forecast September 5 — 9, 2022
An additional signal in favor of the decline 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 signal of medium strength was received for selling the asset. The signal was formed due to the crossing of the signal lines at the level of 20765. The nearest resistance area on the Bitcoin chart is at the level of 24705. The support area for Bitcoin is at the level of 18355.
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 25005. 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 18055.
Bitcoin Forecast September 5 — 9, 2022 suggests an attempt to develop a correction to the level of 21305. Where can we expect a rebound down and a continued fall of the cryptocurrency with a potential target near the level of 13505. A test of the resistance level on the Bitcoin price chart will come out in favor of the decrease. Cancellation of the decline option will be a strong growth and a breakdown of the 25005 area. In this case, we should expect the Bitcoin rate to continue to rise with a potential target at the level of 28655.
