Bitcoin Forecast and Analysis BTC/USD May 1, 2020

BTC/USD are trading at 8589 and continue to move as part of the growth and upward channel. Bitcoin cryptocurrency capitalization at the time of the publication of the forecast is $162 469 517 060. Moving averages indicate the presence of a short-term bullish trend for Bitcoin. Prices have pierced the area between the lines up, which indicates pressure from the buyers of Digital Gold. As part of the cryptocurrency forecast for May 1, 2020, one should expect an attempt to correct the value of the digital asset and test the support level near the area of ​​7665. Where again we should expect a rebound and an attempt to continue the growth of the Bitcoin rate with the target above the area of ​​10550.

Bitcoin Forecast and Analysis BTC/USD May 1, 2020

An additional signal in favor of the growth of BTC/USD quotes will be an uptrend test on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the ascending channel. Cancellation of the Bitcoin exchange rate growth option will be a fall and a breakdown of the area of ​​6905. This will indicate a breakdown of the lower boundary of the rising channel and a continuation of the fall of the Bitcoin rate with a potential target at 6245. With the breakdown of the resistance area and closing of cryptocurrency quotes above 9525, we should expect confirmation of a rise in the rate of the digital asset .

Bitcoin Forecast and Analysis BTC/USD May 1, 2020 implies an attempt to test the support level near the area of ​​7665. And then, the cryptocurrency will continue to grow with a potential target at the level of 10550. An additional signal in favor of the Bitcoin appreciation will be the support line test on the relative strength index (RSI). Cancellation of the cryptocurrency growth option will be a fall and a breakdown of the 6905 area. This will indicate a continued decline with a potential target below the 6245 area.

Join our Telegram Channel